Compliance Training for Financial Professionals Takes Center Stage in Bulgaria

The Institute of Certified Financial Consultants (ICFC) has been a leading non-governmental self-regulatory organization in Bulgaria since its inception in 2004. With a mission to develop and promote financial planning practices that align with international standards, assist financial advisors in their professional development, and contribute to increasing the general public’s financial capability, the ICFC has achieved several notable milestones over the years.

Early Milestones

• In 2007, the ICFC developed a comprehensive education program for financial advisors in partnership with the Higher School of Insurance and Finance (VUZF).
• The first cohort of graduates emerged in 2008.
• The same year, the ICFC adopted its Code of Ethics, which has since served as a guiding principle for its members.

Certification Program

• In 2009, the ICFC registered its trademark, ДФК (DFK), as a national mark of professionalism, competence, and ethics in financial planning.
• By 2010, six individuals had met the organization’s education, examination, ethics, and experience standards, earning them the DFK certification.

Rapid Growth

• Fast forward to 2015, when 42 professionals completed the rigorous training program and were awarded the DFK certification.
• The total number of certified financial consultants stood at 53 by 2017, with 17 new individuals joining the ranks that year.

Promoting Financial Education and Consumer Protection

• Notable events include:
  • The 2005 Conference on Financial Education and Consumer Protection, hosted by the Financial Supervisory Commission.
  • A Discussion Forum on the State of Professional Financial Advice in Bulgaria, held at VUZF in 2007.

Partnerships and Collaborations

• The ICFC has built partnerships with prominent financial institutions and educational institutions, including:
  • Bulbrokers AD
  • Foundation “Atanas Burov”
  • Higher School of Insurance and Finance (VUZF)
• Its collaboration with VUZF led to a seminar on the Future of Financial Planning in Bulgaria, marking the 10th anniversary of the ICFC in 2014.

Managing Board

• The organization’s Managing Board is composed of industry leaders, including:
  • Lubomir Christoff, Ph.D., ChFC, as Chairman
  • Waltchin Daskalov, Ph.D., attorney at law, as Deputy Chairman
  • Ass. Prof. Stefan Petranov, Ph.D., Member of the Board from “Zlaten Lev” Asset Management Company

Getting in Touch

For more information or to get in touch with the ICFC, please contact help@idfk.org or visit their office at 27 Luben Karavelov street, Sofia, Bulgaria.