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PFS tie-up solves Brexit problem for advisers

PFS tie-up solves Brexit problem for advisers

Members of the Personal Finance Society can now use the European Financial Adviser certification, thanks to a new tie-up between the professional body and the European Financial Planning Association.

According to a statement from the PFS, following a mutual recognition agreement with the EFPA earlier this year, members can now use the EFA professional designation at no additional cost, in addition to the PFS qualification designations.

The statement said the initiative would help give more certainty and clarity for those advisers with clients based in or working in the eurozone, particularly ahead of Brexit.

The PFS stated: "With the uncertainties of Brexit causing confusion for many in the UK advice sector, this initiative with EFPA secures members a vital foothold in Europe, helping ensure that consumers who wish to access advice from UK advisers, or maintain existing relationships in a post-Brexit environment, will be able to do so as part of an all-embracing quality standard across Europe."

EFPA certifications are fully compliant with the European Securities and Markets Authority guidelines on qualifications.

The PFS statement added the existing diploma and advanced diploma qualifications are now "aligned and recognised through the equivalent European financial planning standards, which are fully or partly accredited by the main European regulators".

Members can download and print the certificate by logging into their PFS profile page.

simoney.kyriakou@ft.com