ASCOSIM, The Association of Italian Financial Advisory Companies (Sim), was formed on 28 January 2010 by a group of companies known collectively as the Societa di Intermediazione Mobiliare (Sim). Sim obtained approval from the Italian regulator, Consob, to carry out the services of investment advice in accordance with European Union, MiFID (Markets in Financial Instruments Directive), legislation and Italian domestic regulations laid out by Banca d'Italia and Consob.

The ASCOSIM member companies are committed to upholding the following values:

• the economic role, ethics and social responsibility of advising on investments and the communication of these principles;
• remain independent and act on behalf of their customers at all times.
• be professional in their dealings with customers at all times by demonstrating a high level of customer service.
• the promotion of training and financial education of investors;
• supporting the institutions and supervisory authorities on issues relating to regulatory interventions and regulations.
• strengthening and consolidation of the Italian financial system.

ASCOSIM, whilst preserving their independence as single financial advisories, collaborate on specific issues and the implementation of solutions to reinforce, and make accountable, the core values of financial consultancy: competence, honesty and transparency.

The members of ASCOSIM underline the importance of maintaining appropriate and adequate controls in the provision of investment advice, in collaboration with the regulators, to safeguard the interests of their customers and to protect the image of the sector.

The members of ASCOSIM also maintain a continuous dialogue with the supervisory authorities. This is aimed at streamlining and consolidating the administrative burdens placed on financial consultants and ensuring that fees and costs are charged in proportion to work undertaken.

The ASCOSIM considers an increase in the number of Independent financial services companies as a positive development that will improve the competition between individual companies. However, we believe that the principles of competition must not lead to a relaxation of the guarantees and protections afforded to the customer, that MiFID has introduced to Italy.

Therefore, we believe, it is preferable that the regulation and legislation for the provision of financial advice is clearly defined for all individuals and companies involved in this business.