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Cann: Minimum standards are not enough

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The Institute of Financial Planning says membership of the professional body is about adhering to its code of ethics, not just being provided with a statement of professional standing.

The IFP was among the first six organisations to be formally approved as an accredited body last month.

Accredited bodies are responsible for issuing advisers with SPSs, which will certify that advisers have reached the minimum qualification requirements under the RDR.

Speaking at the IFP’s annual conference in Newport last week, IFP chief executive Nick Cann said: “Ensuring members adhere to our code of ethics is not in many cases a simple question of us asking planners if they are compliant, but challenging how they are giving advice to clients.

“Being a member of an accredited body is not about needing a certificate, it is about making an actual commitment to our standards.”

Cann added the IFP would not be offering SPSs to non-members. He said: “There is a play among some firms to go for minimum standards. If we decided to offer the SPS service to non-members we would be taking away resources from members just by playing the numbers game. We will not be playing that game.”

The Chartered Insurance Institute has also decided not to offer non-members an SPS. However the ifs School of Finance has said it will offer SPSs to both members and non-members through a separate body, the Institute of Financial Services.

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