A new standard in financial planning will help bring together a fragmented industry - including restricted and bank advice - its creators have claimed.
The BS 8577 ‘framework for financial advice', accredited by the British Standards Institute (BSI), launches this summer, following an industry consultation. A similar standard, ISO 22222, has been adopted mainly by small IFA firms. The standard has been developed with industry and consumer representatives, including the Chartered Insurance Institute (CII), Which?, the Personal Finance Society (PFS) and the Institute of Financial Planning (IFP). The Financial Services Authority (FSA) had also been consulted, and could look favourably upon accredited firms, said BSI's head of market dev...
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