The Baltic Financial Advisors Association (BFAA) was founded more than five years ago. The purpose of the BFAA is to establish and administer a professional development and licensing system for individuals providing investment advice and / or intermediation in selling insurance products. The initial years of the operation were dedicated to the development of the licensing programme: initial qualification check, development of a testing and licensing system, the basics of professional development and e. training.
Many thanks to everyone who contributed to the creation of the BFAA licensing programme!
- 30 October, Lithuanian, Latvian and Estonian banking associations had founding meeting and established the Baltic Financial Advisors Association.
- First year of operation. In the middle of the year, the administration was hired: CEO of BFAA (also a representative for Estonia) and two more country representatives: for Latvia and Lithuania.
- The system of operation of the BFAA has been developed and the main business partners selected in the areas of IT, accounting, publishing, legal services.
- In the autumn, the Review Board was formed, consisting of nine experts in the fields of investment and insurance. Their main task has been to list the qualification requirements for the BFAA Syllabus. It covers five licenses issued by the BFAA.
- The BFAA has consulted with the Chartered Institute for Securities & Investment (UK), Swedsec and the PSI Institute (Sweden) on best practices for implementing the licensing system.
- The BFAA Syllabus that is in line with the requirements of MiFID II and IDD directives was approved. The Syllabus includes initial qualification requirements for an investment advisor (IA), investment information provider (IIP), investment insurance (IIA), life insurance (LIA), and non-life insurance (NLIA) advisors.
- Processes and procedures related to the organisation of examinations have been developed; the testing platform selected.
- Examinations for five different licenses were prepared. The test pilot was organised to assess the quality of the examinations and the general procedure of the examination.
- The first exams in the Baltic States have started.
- Packages, consisting of workbooks and sample tests for individual preparation for the exam, completed.
- The first wave of investment exams in the Baltics took place in the spring and summer. Exams for insurance advisors began in the fall.
- In September, the first examination of investment advisors corresponding to the certification of a financial broker was organised in Lithuania for non-BFAA members.
- The BFAA has issued more than two thousand qualification certificates in the three Baltic States.
- The BFAA has begun developing a continuing professional development (CPD) programme and discussing its guiding principles with its members.
- The big wave of qualification exams for the employees of BFAA members, investment and insurance advisors, had come to an end.
- More than three thousand new qualification certificates were issued during the year.
- A procedure for renewing the licenses of BFAA member employees, who met requirements for annual refresher, has been developed and implemented.
- BFAA has developed three CPD e. training courses for licensees. BFAA e. training meets at least one-third of BFAA members ’annual professional development needs.
- The BFAA has started working more closely with licensing organisations in Scandinavian.
- The COVID-19 pandemic and quarantine restrictions affected the BFAA operation by limiting the possibilities to conduct proctored examinations in the testing premises.
- Examination questions have been updated.
- BFAA has developed three CPD e. training courses for licensees.
- The financial situation of the BFAA has been stable.
- We plan to review the Syllabus and, depending on the needs, upgrade the tests, workbooks.
- To further develop CPD e. training.