It is wicked whispers

Chatroom comment: The PFS is no longer independent and is there just to flog CII exams.

Reality: From day one, the PFS has been part of the CII family. Today the PFS is the largest membership body for advisers, planners and those who support the financial advice process. The 24,000 members of the PFS elect their own board of directors who are responsible for the development of the society, including the 20 regions. So, the future of the PFS is set by the membership. As part of the CII family, the PFS has been able to ensure that relevant examinations are developed and introduced and obviously the PFS promotes the exams it has helped develop.

Chatroom comment: The CII is a money-grabbing business that does not care about advisers.

Reality: The CII is a chartered professional body that is owned by and run by its members – including members of the PFS, see above – therefore the needs of the membership are core. The CII operates on a not for profit basis with any surplus put back into developing the profession. Speaking personally, I want my professional body to generate profits so that it can enhance services and promote PFS membership to the consumer.

Chatroom comment: The CII exams are not relevant to the market.

Reality: At the certificate in financial planning level, the FPC as was, the CII has to follow the syllabus laid down by the FSSC for ‘appropriate examinations’. But the remaining syllabi, including the diploma and advanced diploma papers, are developed by PFS members who are practitioners and expert in their field.

Next month I will look at the work IFP is doing with para-planners and any additional RDR questions that may crop up.

Peter Williams is head of industry development for Aegon UK