FSA defends stance as bodies mandate membership

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...