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More than 120 firms opt for PFS associate status

More than 120 firms opt for PFS associate status
 Credit: Dreamstime

More than 120 firms have opted to become associates of the Personal Finance Society in the month since the status was launched.

The status was launched in August following requests from firms which wanted to demonstrate their “united alignment” to the professional standards and code of ethics set by the PFS.

Some advisers welcomed the move as allowing firms to show they are aligned to mutual standards, but others raised eyebrows at the addition of another status.

Associate firms can display an associate logo at the reception of their offices and on their website to show their commitment to a set of “core professionalism principles” to clients and staff.

They are also listed and linked to from the PFS website.

Keith Richards, chief executive of the Personal Finance Society, said: “It is great to see so many firms from across the sector recognising the benefit of aligning as a united profession to help elevate the importance and value of financial advice through a commitment to professional standards.”

Associate firms must adopt eight principles of association, including compliance with the spirit and rules of regulation and employment law, and operating a clear diversity and inclusion policy.

The membership status is annually renewable, with firms required to evidence how they meet the eight principles if requested by the society.

chloe.cheung@ft.com

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