The FSA has defended its decision to give accredited bodies permission to mandate membership before issuing advisers with a practicing certificate.
Advisers said the move breaks promises from the regulator and blurs human rights legislation which had previously stopped the FSA from forcing advisers to join a professional body. In the past, the regulator has explicitly stated advisers would not need to be members of a body accredited with issuing statements of professional standing (SPS) in order to get one. However, five of the six bodies awarded accredited status on a provisional basis earlier this week, including the Chartered Insurance Institute (CII) and Institute of Financial Planning (IFP), said membership is obligatory for...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes