The Institute of Financial Planning (IFP) is seeking to create a register of what it calls "genuine" financial planning firms that could benefit from a regulatory dividend and lower professional indemnity insurance (PII) costs.
As part of its latest thinking on the future of financial planning, the IFP says the register would only include firms where at least half of its advisers were qualified to certified or chartered financial planner status and which operated on a fee basis. Additionally, all registered advisers would need to be members of an appropriate professional body and use cash flow modelling as part of a client solution which would not necessarily lead to a product sale. Company principals would also need to be prepared to sign a statement declaring their commitment to genuine financial planning....
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