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Professional bodies sign ‘Edinburgh Declaration’ on the future of advice

Four professional bodies, including the Chartered Insurance Institute and Institute of Financial Planning, have signed a joint declaration of principles for how they will supervise advisers in a post-RDR world.

The so-called “Edinburgh Declaration” sees the CII, IFP, Securities & Investment Institute and Chartered Institute of Bankers in Scotland agree a statement of principles for professionalism in advance of this month’s FSA interim retail distribution review statement.

The bodies have called for a single independent professional standards board to create, oversee and develop high standards with the power to kick advisers out of the industry.

The bodies have pledged to simplify the current complexities surrounding the number of adviser qualifications to improve the public’s understanding of them.

CII chief executive Sandy Scott says: “This initiative is about creating broad principles underpinning our activities. We welcome the other bodies responding to our call to bring about a step change that is visible to consumers and enhances trust and confidence in the profession.”

IFP chief executive Nick Cann says: “As a member of the Financial Planning Standards Board it has been at the heart of and influential with changes that have brought about a standard setting body that oversees the development of Financial Planning standards around the world. It can therefore bring this tremendous experience to developing a similar body to govern financial services professionals in the UK. This has to help ultimately deliver a better consumer experience.”

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