Financial auxiliaries are companies or comparable entities that facilitate financial services without themselves carrying out the main intermediary function. They may arrange insurance, advise investors or operate systems used by financial markets. Their activities support the execution and organisation of financial transactions, whereas banks, insurers and other financial intermediaries generally assume financial positions or channel funds on their own account.
Source: European Central Bank (ECB) (source). This glossary entry is an independently worded adaptation of the cited information.