View more on these topics

New register will boost standards

The Institute of Financial Planning’s register of accredited financial planning firms got off to a great start at the IFP conference this week with the announcement of the first 25 firms to gain this prestigious title. This development spearheads the next stage for the financial planning profession and brings together all the components which will ultimately aid external stakeholders to benefit from a financial planning service.

Reviewing the applications has been a fascinating experience, revealing the high quality of the work that is being done and the way that it is being presented. Firms have to demonstrate that they deliver proper financial planning, use cashflow modelling, are well qualified in all the relevant areas and have a business that obviously delivers what it says on the tin. Reviewing plans and other materials will help us shape best practice, improve standards and provide far more help to those businesses that are trying to make headway through the RDR transitional phases.

The initial list includes award winners and businesses of all sizes which reflects the changing dynamic of how financial planning is being delivered and by whom. As this register grows, more will be done to present the qualities and consistencies to the consumer, regulator, Government and other stakeholders. Professional indemnity insurers are taking a fresh look at how they can improve terms and services for these businesses and it will inevitably lead to improvements in technology applications, given the consistency that these businesses are showing.

The IFP will launch this register to the public as part of the financial planning week campaign taking place from November 21. This will be part educational and part awareness so that the media can understand better how a financial planning service differs to the broader advice model.

Now is the time when bold statements have to be made to support businesses with strategy if they are to survive and become more successful. As we have said with qualifications, this is about much more than just technical knowledge.

Having the appropriate skills to apply and use this information effectively are perhaps even more important if the profession is to make a genuine difference. The register will continue to grow and the community that develops with it will be able to influence change on the whole market far more quickly as a result.

Now that the FSA has confirmed the first set of accredited bodies, work can begin in earnest to engage with those who want to be part of the financial planning profession. While there will be some businesses that want to continue to do the bare minimum, there are also those that want to push the barriers and develop excellence in their businesses.

As usual, much confusion seems to surround the issuing of the statement of professional standing as well as the relationship between the accredited body, the firm and the adviser. Why not pick up the phone and have a chat with us? After all, it is good to talk.

Nick Cann is chief executive of the Institute of Financial Planning


Fidelity to set up fund for Roberts in move from Eden

Fidelity Worldwide Investment has confirmed plans to launch a global equity income fund for Dan Roberts, following his shock departure from Eden Financial. Last week, Roberts quit Eden after just two months to join FWI. He has been appointed as a global equity income portfolio manager and will join Fidelity on November 14. Roberts will […]

UK insurers seek 2013 start for Solvency II

Insurers are pressing the FSA to push ahead with some parts of Solvency II at the start of 2013 despite the likelihood that the rules will be delayed until 2014, according to the Financial Times. The FT suggests the FSA is expected to agree to the request this week after discussions between the regulator, the […]


TSC member: ‘Select committee flogging a dead horse on RDR’

Treasury select committee member Andrea Leadsom has warned advisers that keeping up the pressure over the RDR is low on the committee’s list of priorities. Speaking to Money Marketing at the Conservative party conference in Manchester this week, Leadsom, who is MP for South Northamptonshire, says the FSA’s rejection of the committee’s call for a […]

Blackrock endorses calls for tougher rules on ETFs

iShares owner BlackRock has called for tougher regulatory rules for ETFs to make the sector more transparent. Speaking at the FSA’s asset management conference in London last month, European Commission head of asset management Tilman Lueder warned of the dangers of synthetic ETFs and hinted that Ucits rules may be changed to deal with EC […]

Leading Edge – April 2017

There is little doubt 2017 will be a year of political uncertainty. Leading Edge is Royal London Asset Management’s regular review of investment markets. This edition explores some of the impacts that this uncertainty is having on investors, from the pitfalls of prediction within UK equity investing to the dangers of opting for convenience over […]


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