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...
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