Your IndustryMar 5 2015

PFS should not stand still: CEO

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PFS should not stand still: CEO

The chief executive of the Personal Finance Society has said the organisation will be focusing on creating programmes for its paraplanner and compliance members as well as the introduction of a financial planning academy as it marks its 10th birthday.

Keith Richards said it was increasingly important that the profession did not stand still.

“It is essential that our profession continues to evolve and for the PFS to drive awareness of the step-change in professional standards,” he said.

The PFS was formed in 2005 by the merger of the Society of Financial Advisers and the Life Insurance Association.

When it launched, the organisation had 25,500 members, and in the last 10 years its ranks have increased by around 10,000.

Mr Richards added: “Our consumer initiatives and recent work aimed at uniting the sector and enhancing consumer trust is an important first step and provides the foundations from which to build further.”

Membership of the PFS reached its current record level in the months after the retail distribution review came into force.

However, Mr Richards said the large membership had positive and negative aspects.

“While important in terms of engaging the wider sector in the pursuit of high professional standards, it introduces a challenge in satisfying the different segments of a broad church membership,” he said.

He added: “In future therefore, as well as continuing to enhance the overall support and resources we deliver, we shall be building tailored programmes for our paraplanner and compliance members as well as the introduction of a new financial planning academy to serve our growing chartered community.”

Since the creation of the PFS more than 4,500 advisers have become chartered, and the trade body has said many thousands more are on the journey towards that status.

Brian Steeples, the inaugural president of the PFS, said: “Prior to the PFS there were a number of different bodies, each with a slightly different agenda, which was not helpful for our profession.

“Government bodies, consumer groups and the media were receiving mixed messages on important issues affecting our sector and it was obvious that it would be much better served by a single vision and a unified approach.”

Background

The PFS is part of the Chartered Insurance Institute group.

It grants a number of titles to financial advisers including the status of chartered, which is available to members holding 290 financial qualification credits through completion of the Advanced Diploma in Financial Planning.

Current chief executive Keith Richards, previously group distribution and development director for Tenet, was appointed in 2013.