Follow-up Annual International Conference "Trends and challenges in professional financial education in Romania"

Financial market experts gathered Tuesday, November 15 A.C. at Annual International Conference "Trends and challenges in professional financial education in Romania", organized by ISF - Institute for Financial Studies. The main topics were related to the implications of European legislation on training, professional development in financial services, financial education focused on the consumer and also international recognition of skills and certifications.

"The Financial Supervisory Authority launched the challenge to define a new framework for financial education and training, adjusted according with the European legislation", said Gabriela BOCA, non-executive member of ASF board, at the opening of event.

A major challenge for the insurance industry will be the implementation of IDD. Thus, "there will be an emphasis on skills, defined as abilities and knowledge, but also as professional training of intermediaries in insurance and / or reinsurance," said Calin Rangu, Chairman of ISF board.

In the context of the new legislative changes, "insurers must shift from the risk coverage to satisfying customer’s needs", said Adrian MARIN, President of UNSAR. Moreover, according to the President of UNSAR, a major weakness for Romania is linked to financial education, our country being on position 123 from 143 worldwide, in terms of the level of financial knowledge.

Mr. Ludwick Soboleski, CEO of Bucharest Stock Exchange, made an intervention in which he presented the financial education projects developed by BSE.

Within the panel: "Professional training in the financial sector" discussions and debates showed both the importance of the quality of professional training and the need to adapt continuously the teaching methods to the needs and requirements of the market. Mr. David COWAN, IDD Project Manager, Team Coordinator of Consumer Protection and Financial Innovation at EIOPA, delivered a speech during the videoconference about "EIOPA approach in implementing IDD." His intervention was watched with interest by participants, at the end concluding that the EIOPA expertise can be adapted to the local market.

In parallel was held the panel: "Ethics and integrity in the financial sector", special guest was Mr. Kevin Moore, Director of Global Business Development at Chartered Institute for Securities & Investment (CISI). He held an interactive presentation on "Integrity at work" in which participants were able, based on a special vote system, to express their views for each of the situations described, where maintaining the integrity proved to be a challenge.

Speakers presentations both from the conference and the panels can be accessed here.