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PFS: FSA must keep a check on accredited bodies

The Personal Finance Society has urged the FSA to ensure it effectively polices accredited bodies to ensure they deliver “good value and outcomes”.

Accredited bodies will be responsible for providing advisers with statements of professional standing, which will certify that advisers have reached the minimum qualification requirements under the RDR.

They will be required to act in the public interest and carry out effective verification services.

The PFS is part of the Chartered Insurance Institute, which was one of the six organisations to be formally approved as an accredited body last week.

Speaking at the PFS Tomorrow’s Client conference in London last week, PFS chief executive Fay Goddard said: “I would make a plea to the FSA. We at the PFS have striven over the years to raise the bar before the RDR and the CII has been doing the same for a long time. It is really important that the FSA polices this and polices this properly. I want to see it work. We want good outcomes, not another bureaucratic process.

“It is important the FSA looks at these accredited bodies and ensures they are delivering good value, good outcomes and doing the job properly.”

Baronworth Investment Services director Colin Jackson says: “It is crucial that accredited bodies are effectively monitored. If accredited bodies are not complying with requirements, they risk passing misinformation to the industry.”

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