The British Standards Institute (BSI) is consulting on a draft of a voluntary service standard for financial advice businesses.
The draft standard, BS 8577 financial advice and planning services, which covers the management of firms as a whole, is available for review by firms and consumer organisations. Due for publication this summer, adherents to the voluntary benchmark must meet set standards in transparency, integrity, due diligence, confidentiality, accessibility, professionalism, conflicts of interest and competence. A spokesperson for the BSI said: "The new standard will support the provision of financial advice and planning specifically through adequate resourcing, training, policies and procedures an...
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