In April 2008 four professional bodies including the Chartered Insurance Institute and Institute of Financial Planning, signed a joint declaration of principles for how they will supervise advisers in a post-RDR world.
One central proposal was the formation of an independent professional standards board to oversee industry standards. (article continues below)
So how does that fit in with the current landscape, where the FSA will act as supervisor?
IPF chief executive Nick Cann says: “I think the principles behind the Edinburgh Declaration are very much the same as they were. We shall continue to work to achieve similar outcomes under the new proposals although nevertheless disappointed that the FSA didn’t see the need for an independent professional standards board.
“I think that there are some areas of concern under the new proposals particularly for those advisers that choose not to be a member of a professional body.”
CII spokesman David Ross says the majority of the FSA’s consultation paper on professional standards, published in December, follows recommendations made by the Edinburgh Declarations.
He adds: “The Declaration is there to set out this framework and it has achieved that. Is it still relevant moving forward? Probably less so because now it has achieve what it set out to do. But there will still be work to do moving forward once more detail emerges.”
Was the Edinburgh Declaration a success and does it have a place in the future? Post your comments below.