View more on these topics

CII and IFP won’t charge for professional statements

The Chartered Insurance Institute and the Institute of Financial Planning say they will not charge advisers an additional fee for providing statements of professional standing.

In its final rules on professionalism, published last month, the FSA announced that investment advisers will need an SPS to give independent or restricted advice from January 2013.

The regulator says the statements will be awarded annually by accredited bodies and cost between £60 and £175 a year. CII director of policy and public affairs David Thomson says: “Our whole approach in applying for accredited body status is about providing a membership package on professionalism.

We see the SPS as an extended part of that membership so we do not see why we would need to charge extra for that.”

IFP chief executive Nick Cann says: “What we would be asked to do as an accredited body we already do for people who are certified financial planners. We are anticipating no extra work to provide the SPS, so we would expect that for existing and future members of the IFP, the SPS would be covered by their membership fee.”

The Chartered Institute for Securities & Investment and the ifs School of Finance are also applying to the FSA for accredited body status. CISI says it plans to charge members less than £50 and the ifs says it is considering whether to charge advisers for the SPS.



TSC member “horrified” by the MMR

The mortgage market review will hit first-time buyers, the building trade and the mortgage industry, according to a senior Labour MP. Speaking in this morning’s Treasury select committee evidence session with Nationwide, Labour MP George Mudie said the review would hit lenders as well as having a wider detrimental impact. He said: “I am horrified […]

Public sector pension reforms delayed

A decision on Government reforms which will increase public sector pension contributions has been delayed until June following pressure from the Trades Union Congress. The Treasury says the delay will allow further negotiations with union representatives over the timing of the proposed change and the impact it could have on low earners. A spokeswoman says: […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm