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IFP wants global standards for certified planners

The Institute of Financial Planning is working to achieve global recognition for certified status by compiling a definitive list of standards required from financial planners.

The IFP is consulting with 18 countries which have the certified financial planner status to specify what should be expected of planners beyond the different tax laws and regulations they have to deal with.

The initiative aims to create a unified certified status, specifying core competencies and minimum standards.

Chief executive Nick Cann, who has just travelled to India to discuss the initiative, says this will help to level financial planning standards which differ significantly across the world as some countries have a more advanced financial advice industry than others.

Cann believes it is important to have a more global outlook. He says UK firms can learn from their counterparts around the world, particularly, the sophisticated US and Canadian markets where a much higher proportion of advisers charge fees for their advice.

Australia and Canada have already compiled a standardised job analysis for financial planners. Cann will travel to Vancouver next April to discuss how the initiative can be rolled out across the world. The list of minimum requirements is penned in for launch within the next 12 months.

Cann says: “Around the world there are different tax laws and regulations but the fundamentals of what a financial planner does should be the same.

“At the moment, the standards of financial planning in different countries differ significantly, so we need to unify the certified financial planner status.”

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