Formed in 2009, Financial Intermediaries Association of India (FIAI) represents a group of national distributors and private banks. Gurpreet Singh, Principal Consultant, Financial Intermediaries Association of India (FIAI) talks about the association’s origin, activities and future plans.
When was the association formed? What are its objectives?
Our association was formed in 2009. It was formed to act as a common voice of distributors with the aim to engage, develop and play an important role in development of the financial distribution industry. We are the only national distributors’ body with representation across major distribution verticals of the industry.
FIAI has the following objectives:
- Represent the voice of intermediaries
- Drive implementation of professional standards and accreditation
- Engage in training, development and knowledge sharing activities
- Build media profile for and enhance perception of financial advisory fraternity
How many members does the association consist of?
The association has ten members registered with us and five to ten more players are expected to come on board soon. The members in the association are Bajaj Capital, Karvy, NJ India, ING Financial Services, Capital First, JM Financial, Axis Capital, SPA Capital, Standard Chartered Bank and IIFL Private Wealth Management.
Which entities can join FIAI?
FIAI has currently national distributors, wealth management firms and banks. As a next step IFA associations will also be part of the body to give complete representation to the distribution community. We invite all IFA association to join FIAI for strengthening the cause of distributors & development of the industry in India.
What activities do you undertake?
We play an important role in communicating the voice of distribution fraternity among various regulators. We reach out to AMCs, AMFI, SEBI and industry players. We played a very active role in interpreting the Investment Adviser Regulations. We have been regularly interacting with AMFI and submitting white papers on various issues pertaining to the industry.
Our aim is to not censure regulations but to offer constructive feedback and development of the industry. We provide inputs to regulators and AMFI so that the regulations are implemented smoothly and efficiently. The members regularly interact and share their ideas with each other.
What are your future plans?
FIAI has long term objectives of developing & deepening the distribution Industry. Some of our future plans include:
- Creating the right value proposition for distributors
- Welfare and development of distributors by ensuring a feasible & long term sustaining distribution business
- Steps in direction of expansion & deepening of the industry
- Ongoing education & awareness on new developments, trainings and best practices and investor education
