The Personal Finance Society is set to create a chartered ‘academy’ next year as one of its five main priorities.
Speaking to FTAdviser, Keith Richards, PFS chief executive, said the profession must continue putting the public’s best interests at the heart of everything to ensure the sector as a whole is seen in a positive light.
He said it was a positive that the sector has “voluntarily” taken on the move to professionalism and was going further than expected under the RDR rules, but that “new and emerging challenges” meant advisers had to continue to do more.
“Advisers have already taken up the mantle voluntarily and the drive for qualifications in the two years since RDR implementation has been impressive beyond expectation.
“However, there are new and emerging challenges where we must be on the front foot. Regulation has prompted widespread restructuring in the marketplace and this will continue as consumers respond to reforms, such as the recent pension liberalisation.
“Some segments of the market will prosper in this new world, whilst others may struggle and have to re-trench.”
The FCA’s post-implementation review earlier this month found that professionalism in the sector in the last two years has seen a number of advisers go beyond level four to chartered and certified.
With the challenges of the coming months in mind, the PFS identified five priorities for 2015: boosting chartered; segmented offers and engagement; professionalism and good practice; consumer insight; “putting advice at the public’s fingertips”; and continued professional development.
As part of achieving the first of these, the PFS is set to create the chartered ‘academy’ to ensure the estimated 7,500 individuals on the journey to qualification will be provided with the tools to support them.
It also set to provide “bespoke services” to paraplanners, to ensure the PFS is viewed as the “relevant professional body”.
The society will identify a range of key topics on which the profession could and should receive higher quality guidance and create places where professionals can debate alternative approaches.
“These will include key information hubs such as FCA material, Defaqto, Technical Connections and case study materials.”
Mr Richards emphasised that the PFS’s public interest purpose requires it to maintain a “deep understanding of consumer attitudes and behaviours”.
He added: “This will arise through both harvesting of data already known to us and the commissioning of new research.”
It is also set to further develop the “most comprehensive accredited financial adviser database of its kind in the UK”.
“The directory - findanadviser.org - will give the public access to more than 22,000 professionally qualified financial advisers, representing over 80 per cent of the UK’s regulated financial adviser community.”
donia.o’loughlin@ft.com
