Tender: Study on Access to Comprehensive Financial Guidance for Consumers
Belgium, 10 August 2015
This study will cover comprehensive financial guidance understood as a process of determining an individual's financial goals, purposes in life and life's priorities, and after considering his resources, risk profile and current lifestyle, to detail a balanced and realistic plan to meet those goals. Financial guidance provides a detailed strategy tailored to a client's specific situation, for meeting a client's specific goals covering various aspects of personal finance which includes cash flow management, education planning, retirement planning, investment planning risk management and insurance planning, tax planning, estate planning and succession planning but excludes the recommendation to purchase a particular financial product.
The target to be considered is the average consumer, thus excluding those who have sufficient assets to use private banking services or other forms of private wealth management with high entry requirements, and those facing major financial difficulties who should resort to debt advisers in the first place.
Comprehensive financial guidance should involve assessesment of the overall financial and asset situation of a consumer and should lead to the provision of generic but tailored advice, including a financial plan for the consumer to achieve his or her goals.
The objective of this research is twofold: firstly, research should identify and investigate examples of good practices of financial guidance both in the EU and if possible in Australia and describe their functioning, including who provides guidance as well as what financing and business models are.
TASKS TO BE CARRIED OUT AND EXPECTED RESULTS
The research work consists of two areas of analysis:
Good practices of financial guidance, and
Potential consumer incentives that would be the most effective to foster it.
Activities to be performed to carry out this analysis are the following:
information and data gathering through questionnaires and phone interviews of 'financial guidance' providers as described in this call, consumer organisations, national authorities in charge of consumer protection in the financial services area and/or financial regulators.
The Contractor should provide a list of the materials, documents, reports, etc. gathered.
At least the following countries: Germany, United Kingdom, the Netherlands and Denmark.
If in addition, the contractor undertakes to analyse one, two or all of the following EU Member States: Belgium, France, and Slovakia and/or one non-EU: Australia, such a broadening of the geographical scope may result in more reliable and comprehensive findings.
Minimum number of countries to be covered – 4 (Germany, the United Kingdom, the Netherlands, and Denmark).
Maximum number of countries to be covered – 8 (Germany, the United Kingdom, the Netherlands, Denmark, Belgium, France, Slovakia, Australia).
Submission Deadline: 25 September 2015
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