The British Standards Institute (BSI) has launched a new standard for financial advice that it hopes will boost consumer confidence.
BS 8577 (‘Framework for financial advice and planning services') sets out what the BSI calls "good practice for managing an adviser firm and effectively supporting the provision of advice and planning services".
The new standard has been developed with industry, professional experts and consumer representatives including the Chartered Insurance Institute, Which?, Standards International, the Personal Finance Society and the Institute of Financial Planning.
Gavin Tisshaw, chairman of the BSI sub-committee and financial planner at EAS IFA, said the new standard was being launched at "a critical time", with just RDR a few months away.
"BS 8577 will act as a differentiator to potential clients seeking financial advice," he said. "When dealing with a firm operating to this standard, clients can have confidence in their ability to consistently deliver a high quality of service.
"Advisory firms that adhere to BS 8577 should enjoy the peace of mind that comes with having put together and implemented well thought out and robust business systems and processes".
Advisers can find out more about the accreditation, which launches in the summer, HERE.
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From 1 April 2019