FSMA

The acronym FSMA corresponds to the English name Financial Services and Markets Authority, translated into French as Financial Services and Markets Authority.

Created on April 1st 2011, the FSMA has the status of an autonomous public body. It independently exercises the public interest missions entrusted to it by law.

Its competences include six main areas:

• market and financial information surveillance;
• control of conduct rules;
• control of financial products;
• control of the relevant service providers and intermediaries;
• control of supplementary pensions;
• financial education. FSMA

The FSMA is therefore not just a simple professional registry: it is a supervisory authority whose scope covers several dimensions of the relationship between financial actors and their clients.

Protect financial consumers

The FSMA aims to promote fair and equitable treatment of financial consumers.

It intervenes notably on the rules governing the services offered to clients and the products within its competence. This oversight contributes to confidence in the financial system, without constituting a guarantee of returns for investments. FSMA

Monitor the markets and financial information

The FSMA also ensures the orderly functioning and transparency of the markets.

It controls the information disseminated by companies that access the markets, so that investors can have accurate and complete information. FSMA

Control the rules of conduct

Supervision is not only about the legal existence of a company. It also concerns the manner in which financial services are provided.

Control of the rules of conduct is part of the FSMA's missions. The authority monitors their application by the relevant institutions and professionals, within the limits of its competences. FSMA

Inform the public

The FSMA provides information about provider authorizations, fraud, and procedures to report a suspicious situation.

It also contributes to financial education through Wikifin, which offers explanations and tools on savings, investments, insurance, and pensions. FSMA

Belgium organizes its financial supervision according to a two-pillar model, often called “Twin Peaks”.

The FSMA and the National Bank of Belgium, or NBB, perform complementary missions.

Prudential supervision focuses notably on the financial soundness of institutions and their capacity to meet their commitments. Control of the rules of conduct focuses more on their behavior towards clients.

This distinction remains a general overview: the FSMA also carries out authorization and prudential control missions over certain categories of actors. It is therefore necessary to examine the exact status of each professional to identify the competent authorities. www.fsma.be

Verifications vary depending on the activity: insurance, banking and investment services, portfolio management, or financial planning.

Insurance intermediaries

The FSMA notably publishes a register of insurance intermediaries and accessory insurance intermediaries.

To verify a broker or an agent, it is necessary to search for their exact identity and current registration. Information about suspensions and removals must also be considered. FSMA

Investment professionals

The distribution of control depends on the type of company.

For example, Belgian portfolio management and investment advisory firms are subject to prudential supervision by the FSMA, while Belgian stockbroking firms are supervised by the NBB. The FSMA monitors the conduct rules applicable to investment firms established in Belgium. www.nbb.be

Independent financial planners

Belgium has a specific status for independent financial planner approved by the FSMA.

Financial planning notably concerns the structuring, protection, organization and transmission of wealth. However, this activity should be distinguished from advice related to transactions on individual financial products, which alone does not require this approval. FSMA

The term “wealth management advisor” describes support, but it is not sufficient to identify the regulatory status of a Belgian professional.

To compare firms, one must look at the activities actually offered:

• financial planning consultations;
• insurance intermediation;
• investment advice;
• portfolio management;
• intermediation in banking and investment services.

These activities are not interchangeable and do not necessarily rely on the same authorizations.

The FSMA specifies that approved independent financial planners and regulated firms may provide financial planning consultations, in compliance with applicable rules. FSMA

An insurance intermediary may provide financial planning consultations under certain conditions. However, they cannot present themselves as an “independent financial planner” solely based on their insurance registration: this status corresponds to a distinct approval, incompatible with the intermediary status. FSMA

This distinction helps the client understand the nature of the support offered and the limits of the claimed status.

1. Note their legal identity

Before searching for a name in a register, identify the company you will contract with.

Specifically note:

• its legal name;
• its company number;
• its address;
• the declared regulatory references;
• the name of the entity mentioned in the contract.

A trade mark or the name of a group is not always sufficient to identify the actual provider.

2. Use the official verification tool

The FSMA offers a page entitled "Check your provider".

It allows you to search whether a party has an authorization and if a warning has been published about them. If the search does not clear the doubt, the FSMA invites the public to contact it. FSMA

3. Check the covered service

Finding a company in a register is not enough: you must match its status with the proposed service.

The FSMA notably recalls that registration as an insurance intermediary authorizes intermediation for insurance products. It does not constitute a general authorization to sell all financial products. FSMA

4. Confirm the identity of your contact

A fraudster can copy the name of an authorized company and use its regulatory references. The FSMA refers to these impersonations as "cloned firms".

Compare the contact details used with those of the real company. In case of doubt, contact the latter via a channel obtained independently of the solicitor. FSMA

No. Registration or approval does not guarantee the invested capital nor the profitability of a product.

The professional's status allows verification of the framework in which they operate. The investment risks must be assessed separately.

Before subscribing, examine notably:

• the risk of capital loss;
• the fees and remuneration of the parties involved;
• the investment duration;
• the withdrawal conditions;
• the nature of the assets;
• the conditions of any potential guarantee.

Verifying the professional is a preliminary step. It should be complemented by an analysis of the product and its suitability to your situation.

For certain activities, European mechanisms allow a professional authorized in one European Economic Area country to operate in another country.

However, it depends on their status, the services offered, and the applicable formalities. A reference to the FSMA is therefore not sufficient to demonstrate a general right to operate in France.

For the institutions concerned, French registers allow verification of information related to cross-border intervention. The ACPR also recommends consulting the register of the home country authority. acpr.banque-france.fr

The client must identify the contracting entity and verify the conditions under which it can provide the intended service.

The FSMA website offers separate forms for general consumer questions and reports related to investment or credit fraud. FSMA

It is necessary to distinguish reporting to a supervisory authority from the resolution of an individual dispute.

In the field of insurance, the FSMA recommends first contacting the insurer's complaints department or the intermediary concerned. The Insurance Ombudsman can also intervene. The FSMA may examine a complaint within the scope of its supervisory duties, but does not act as a mediator between the client and the professional. FSMA

The FSMA serves as a point of reference to verify many Belgian financial professionals. However, to choose a contact person, regulatory checks should be supplemented by reviewing their specialties, services, and compensation.

You can discover professionals on Les Experts du Patrimoine, compare their areas of intervention, then verify their status in the official registers corresponding to their activity.