Trade body the Tax Incentivised Savings Association (TISA) will set up a committee to monitor the Financial Services Authority's Client Assets and Client Assets and Client Money Rules.
It said it wanted to create a forum for advisers to share experiences and identify best practice after fears were raised about the rules at a recent seminar.
TISA's seminar, held in association with Kinetic Partners, heard that the rules are towards the top of the FSA's agenda and that compliance is challenging with many thematic reviews resulting in adverse findings.
Delegates asked the association to take the lead by establishing a committee and interacting with the FSA.
Malcolm Small, TISA director of policy said: "It has been clear to TISA for some time that there are real and growing issues around the client money rules. This was reinforced at our seminar and the audience felt that a TISA led forum would be the most practical way to address the issues, promote awareness of the requirements and help to determine what constitutes good governance and best practice.
"We are now seeking representatives to form the committee membership."
Contact Angela Stubbs at TISA, [email protected] for more information.
Six hours for a client report
700,000 transfers in 12 months
104 delegates attended
'Benefit from healthy cash levels'
Could be two months to complete payment