The Personal Finance Society is set to launch retirement planning and later life accreditations, as it responds to increasing public demand for such services.
Following the launch of its consumer website, Yourmoney, earlier this year, the PFS said that the public will soon be able to refine their searches to show advisers who are specialists in these two areas of financial planning.
Advisers will need to hold specific qualifications and commit to a level of CPD that goes beyond minimum regulatory requirements to be accredited as later life advice and retirement options specialists.
Additionally, they must also pass a later life orientation programme to help ensure they have the broad understanding of the technical and soft skills necessary to operate successfully in the market.
PFS members will be able to opt-in for these specialisms through the website in the fourth quarter.
In support of The Pension’s Regulator and the Financial Conduct Authority’s campaigns on pension scams, the PFS also stated that it wants to make it easier for the public to be able to identify local advisers that can provide specialist retirement options advice.
PFS chief executive Keith Richards commented that its consumer insight panel has been invaluable in helping better understand public perceptions of the sector and the importance of progressive refinements such as this.
“It forms part of a broad range of initiatives aimed at raising the profile and value of financial advice, which will also look to improve consumer confidence in the profession.
“The introduction of pension freedoms and the increased need for regulated advice has been accompanied by arise in fraud, so it is essential we help protect the public whilst differentiating professional regulated advice.”
Mark Hutchinson, head of marketing at the PFS, added that the database features 22,000 professional advisers with independently-verified qualifications and statements of professional standing.
ruth.gillbe@ft.com
