It's been a busy time for the Personal Finance
Society, as we continue to respond to a series of regulatory
consultations from Treasury and the FCA.
Earlier this month we used our submission to the FCA's
consultation, Pension Wise Standards:
changes for secondary annuity market guidance, to renew
calls for Pension Wise guidance sessions to be made compulsory
for consumers planning to sell their annuities where they don't
have access to professional advice.
We outlined our concerns about the extension
of pension freedoms to those who have already committed
to an annuity, and expressed how important it is for
consumers to be made fully aware of the risks associated
with cashing in an income. This not only introduces risk for
consumers, it also introduces reputation challenges for the advice
profession, which is why many advisers have already indicated that
they have no intention in offering their services, other than for
We made it clear that for the new market to work
effectively, it will need to combine a robust package of consumer
protection measures with specific and transparent protection for
advisers, who could be faced with another wave of insistent client
Next week we will submit our response to Treasury's
consultation on its proposed Pension Advice
Allowance (PAA), and next month we will submit our response to
Treasury's consultation on its proposed amendment to the definition
of advice. We will keep you updated on how these both progress.
On 7th October, I had the opportunity
to attend one of our biannual graduation ceremonies as we
welcomed more than 400 new Chartered, Associate and
Fellow members to our ranks.
It is always so pleasing to see members
celebrate their achievement and new status with fellow
members, friends and family, and I congratulate them all on
their outstanding achievements and commitment to lifelong
Finally, I wanted to draw your attention to a recent
media article, which underlines the great strides that have been
made both within the Personal Finance Society and equally
within its growing membership base.
Earlier this month, New Model Adviser published the
results of a recent reader survey, with more than two thirds of
respondents saying the Personal Finance Society was the body that
best represented financial planners to the public over the past 12
months (see New Model Adviser chart below).
The entire central team and our regional volunteers
were genuinely please to read the various endorsements of the work
and progress of the Society, but also of the thousands of members
who represent our brand to the highest standards and levels of
For the full article visit the following link:
CISI: what do planners think of the IFP
merger one year on?
About the Blog
In this blog Personal Finance Society CEO Keith Richards will be
keeping you up-to-date with all the Personal Finance Society news,
projects and initiatives that we have in the works.
Read past editions of the blog »