The Institute of Financial Planning has claimed it is the best body to police the professionalism of financial advisers following the RDR proposals.
IFP chief executive Nick Cann says the body is very positive about the discussion paper and believes it sends the consumer a very strong message.
“The IFP is the only organisation which can develop financial planning as a profession and it is already structured to deliver the outcome that the RDR and the market require to move the profession forward.”
Cann adds: “The market has to be policed and monitored on a long-term basis. It will mean a lot more work for us as more people will be needing to join bodies like us to get the support they need.”
The IFP says there can be no doubt that it is the organisation best placed to develop the financial planning profession going forward and best positioned to be the single professional body representing financial planners.
“For financial planning to continue to develop fully, the professional body controlling it must be able to openly discuss the components of financial planning with all parts of the market including insurance, investment, banking, securities, other academia and others to ensure that the breadth that we are seeking is included.”
CII director general Sandy Scott says that around 90 per cent of its membership believe the future prosperity of the financial services industry depends on achieving parity with other professions such as accountants and lawyers.
In an independent report commissioned by the CII Group from Deloitte and Touche, submitted to the FSA two months ago and made public today, shows its members strongly advocate a framework to raise standards for the public benefit and encourage professionalism and trust across the intermediary sector.
Scott adds: “Our members believe that – despite areas of best practice – the quality of financial advice and professional standards and competence must increase significantly. The FSA’s discussion paper is a valuable starting point for the debate on improving levels of professionalism throughout the industry.”