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Professional Direction

The PFS produces occasional papers, under the banner 'professional direction', to try to help members clarify certain professional topics that appear subject to misinterpretation. The aim is to enable members to make key decisions for the appropriate professional and commercial reasons, rather than through misunderstanding in the application of new rules.

Paper No. 6 - Life after Chartered
This paper is the sixth in the series of papers that the PFS is producing under the Professional Direction title. The paper will be of interest to members already at, or nearing completion of, Chartered Financial Planner status.

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Paper No. 5 - VAT & Adviser Charging - UPDATED
This paper is one of a series of papers the PFS is producing under the Professional Direction title. It is an update to the original Paper No. 5, dated September 2012, and follows extensive liaison with, and input from, HMRC. It is intended solely to assist members in understanding the rules in relation VAT and adviser charging.

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Paper No. 4 - Independent & Restricted Advice (Updated)
This paper updates our original Independent & Restricted Professional Direction to reflect recent FSA Guidance around centralised investment propositions and UCIS. It also contains scenario based examples to help clarify key rules.

This paper represents the PFS interpretation of the rules as far as we have been able to ascertain them. The paper has no formal or regulatory status and is intended solely to assist members in understanding the new rules.

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Paper No. 3 - RDR - Clarity around FSA Permissions and Statements of Professional Standing
This paper is the third in a series of papers that the Personal Finance Society (PFS) is producing under the Professional Direction title. It represents the PFS interpretation of the rules as far as we have been able to ascertain them. The paper has no formal or regulatory status and is intended solely to assist members in understanding the new rules.

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Paper No. 2 - Independent & Restricted Advice
This paper is the second in a series of papers that the Personal Finance Society (PFS) is producing under the Professional Direction title. It represents the PFS interpretation of the rules as far as we have been able to ascertain them. It is not definitive and we expect further clarification to emerge over time. The paper has no formal or regulatory status and is intended solely to assist members in understanding the new rules.

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Paper No. 1 - RDR Qualifications - some things you may not know
We are now at the stage where members are pretty clear on what they need to do to become RDR 'compliant'. However, there are still quite a few queries arising, especially regarding less conventional scenarios, both now and in the future.

This document clarifies some of these issues and answers some of the transitional questions that you may have and provides detail around the final rules set out in the FSA's PS 11/1 Distribution of retail investments: Delivering the RDR - professionalism.

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