Independent consultancy is the key to mobilizing Italian savings towards the real economy. This is what emerges from the event entitled "Italian savings for the country's economy - a new consultancy model" promoted by First Cisl (Italian Federation of Tertiary Services Network) - the union of workers in banks, insurance companies, finance and collection and the authorities.
When we talk about savings for Italians, the figures are enormous. The movable wealth of Italians amounts to approximately 4.500 billion euros 1000 billion stopped in Italian current accounts. A figure destined to increase, given the uncertainty and widespread pessimism about the future generated by the epidemiological emergency. Instead, if these resources were redirected towards the real economy, they could be a further boost for the country's recovery. What prevents Italians from investing, especially in the era of negative rates?
In reality, it is not only the precaution that drives the savings of Italians. Financial illiteracy, the lack of available savings and the general climate of distrust are determining factors. According to Professor Lucio Lamberti, Italian savings are not placed correctly, but lie in mostly productive investments, such as real estate which is currently depreciating enormously. Cash and real estate they do not create wealth or jobs.
Riccardo Colombani, Cisl general secretary, the course is clear: “We need an investment shock. We cannot rely only on the resources that will arrive with the Recovery Fund and we cannot even think that the ultra-expansive monetary policy is enough to revive the economy".
“The report edited by the G30 – continued the leader of the CISL banks – sounded the alarm on the risks of insolvency to which companies are exposed. Risks that pose a threat to bank assets and, in the absence of investments, to the sustainability of public debt".
Precisely for this reason, saving is the fundamental engine for the growth of our country. But to succeed, according to Colombani, it is necessary profoundly change the relationship between banks and customers starting from a new financial advisory model.
The consultancy on an independent basis, envisaged by the TUF in implementation of the Mifid II, is aimed at protecting customers, avoiding any conflicts of interest and increasing savers' awareness of their investments.
However this model remained firm on paper. The European legislator has not given a real definition, rather he has limited himself to giving a series of indications that a consultancy must follow in order to be considered on an independent basis.
With the financial crisis of 2008, the doubts of Italian savers grew, turning into distrust of banks and consultants. This is because, currently, the offer of banks is limited to a few financial products. Furthermore, non-independent consultancy is remunerated through the so-called retrocession of the commissions of the products that are placed.
Conversely, independent advice would strengthen the customer confidence, precisely because it considers the products available on the market and not a limited circle. It is a model that rewards transparency, eliminates the problem of incentives and links remuneration to the quality of the service (the customer will pay a fee).
“In order for intermediaries to adopt independent consultancy, however, it is necessary to act with the leverage of tax incentives” – added Colombani during the event.
For Gianpaolo Barbuzzi, President of Acf (Arbitrator for financial consultancy), the proposal to entrust Consob with the drafting of a single Mifid questionnaire valid for all intermediaries is also positive. In this way, the profile of the same saver is no longer subject to the editorial discretion of the banking operator, causing improper competition between the banks, but becomes a homogeneous act. Since its inception in 2017, Acf has seen the number of appeals received grow to 7, for a dispute that amounts to a total of 400 million euros, against 90 million in compensation paid.
