IFP claims it is best placed body to develop financial planning

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.”

Click here to read all RDR stories

Click here for the straw poll

Recommended

Buena vista social club

There are many myths that are perpetrated in the financial services world and one that has been around longer than many is that clients are in the main not interested in socially responsible investment funds – so-called ethical investments.

JPMorgan supports professionalism, CAR and tiered advice

JPMorgan Asset Management is in full support of the proposals put forward by the FSA’s RDR discussion paper. Head of UK sales Jasper Berens sees three points as most prominent. He says JPMAM has already witnessed growing professionalism of the IFAs dealing with its company and supports the FSA’s call for greater professional standards across […]

RPS adds a client insurability assessment service for advisers

Risk Placement Services will now provide a quick client insurability assessment and indicative quote for busy advisers.The company specialises in finding special risk, impaired and rated life insurance products for advisers and its online fast-track insurability assessment aims to help them quickly determine a clients insurability status and receive indicative ratings and premiums for managing […]

US equities: opportunities for short sellers expand

Optimism is as American as baseball and apple pie. And since the financial crisis, being optimistic about US equities has paid off: they have outperformed every other major developed market by a comfortable margin. Yet while there remain plenty of good reasons to be optimistic about US equities, Stephen Moore, manager of the Artemis US […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com