Financial advice standards have to improve

clock •

It seems at every turn we are faced with new evidence that the standards of financial adviser are lower than customers have a right to expect. Of course, many of the tests advisers are failing are standards imposed by regulation, rather than what the business would have done in the absence of regulation.

But doesn’t that say something important about the financial services business? I’ve for a long time held the view that the parts of the financial services business which directly affect the public should have agreed professional standards as well as regulation. In fact, if their standards were good enough, the need for regulation would be much reduced. What have other professions done? They set up professional bodies to coordinate creation and ownership of their own standards. Isn’t that a model for us? The biggest challenge on this front is from those who believe business practice i...

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

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Women in Financial Advice Awards 2026: Photo highlights from the night

Women in Financial Advice Awards 2026: Photo highlights from the night

Celebrating the best women in advice and financial services

Professional Adviser
clock 06 November 2026 • 1 min read
Feel Good Friday: Rathbones donates £35,000 to London Youth

Feel Good Friday: Rathbones donates £35,000 to London Youth

Youth Work Week

Professional Adviser
clock 06 November 2026 • 1 min read
Women in Financial Advice Awards 2026: Winners' gallery

Women in Financial Advice Awards 2026: Winners' gallery

Championing women in advice and financial services

Professional Adviser
clock 05 November 2026 • 1 min read