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Personal Finance Society
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yourmoney Specialist Registers

Specialist registers on yourmoney

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Members who meet eligibility criteria are now able to opt-in to one or both of the Retirement Planning and Later Life Advice specialisms through their yourmoney website profiles. 

 

Background

In early 2014 we established a consumer insight panel to help us understand consumer perceptions of professional financial advice, with a view to influencing consumer confidence and trust. The panel, made up of senior representatives from organisations including AgeUK, MAS, StepChange, TPAS, Which?, independent consumer champions and the Financial Services Consumer Panel, has provided significant insight into consumer needs and behaviours and helped us to develop our consumer website.

Since the introduction of pensions freedoms there has been a significant focus on the new pensions landscape and the need to educate consumers about their options. Together with our work in supporting The Pensions Regulator's, Financial Conduct Authority's and DWP's campaigns on scams, we wanted to make it easier for the public to be able to identify local advisers that can provide specialist retirement advice.

We have also been working with Citizens Advice and the Local Government Association to help local authorities discharge their new responsibilities to provide access to information and advice under the 2014 Care Act. Coupled with the widespread changes to the pensions landscape these key changes will inevitably drive increased demand for specialist later life advice from the public.  
 

Access

refinementsThe yourmoney adviser database enables consumers to refine their geographical adviser search by specialism to more easily and quickly shortlist advisers with the specialist knowledge to match their needs. Only those advisers that have met the eligibility requirements and have opted into the ongoing CPD commitment required of a specialism will be shown in such search results.

 

Visibility

The personal profile page of a specialist displays the relevant logo, identifying their specialism to the public:

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Retirement Planning Specialist

Retirement Planning LargeEligibility Requirements

You must satisfy the following criteria to be eligible to be listed:

  • Have active CII/PFS membership with a valid Statement of Professional Standing (SPS)
  • Have demonstrated broad competencies in pension planning through passing at least one of:
    AF3, J05, K10 or G60
  • Unless you have passed the October 2015 syllabus of AF3 or J05 you must commit to going beyond regulatory minimum pensions knowledge by enrolling for the R08 pensions update programme.

Ongoing Commitments

By becoming a specialist you will be committing to additional requirements including:

  • You must maintain active CII/PFS membership and an active Statement of Professional Standing (SPS).
  • Unless you have passed the October 2015 syllabus of AF3 or J05 you must commit to passing the R08 examination within your enrolment period.
  • As a specialist you are also committing to undertaking  10 hours of specialist retirement focused CPD each year, in addition to the 35 hours minimum regulatory/professional body requirements for CPD. We will continue to select a random sample of 10% of members' records each year to monitor adherence.
     

Later Life Advice Specialist

Later Life Advice LargeEligibility Requirements

You must satisfy the following criteria to be eligible to be listed:

  • Have active CII/PFS membership with a valid SPS
  • Have demonstrated competencies in long term care planning through passing the CF8 qualification or the G80 October 2004 syllabus

Ongoing Commitments

If you meet this entry criteria then you must commit to the following to be listed:

  • You must maintain active CII/PFS membership and an active Statement of Professional Standing (SPS).
  • You must commit to completing the Personal Finance Society 'later life orientation programme', which is intended to provide a broad understanding of the technical and soft skills necessary to operate successfully in this market. This short online course will be available from January 2016 and you will be emailed once you are enrolled.
  • As a specialist you are also committing to undertaking  10 hours of specialist later life  focused CPD each year, in addition to the 35 hours minimum regulatory/professional body requirements for CPD. We will continue to select a random sample of 10% of members' records each year to monitor adherence.
     

How to apply

Visit your public yourmoney profile now to view the full terms and conditions:  Edit your public yourmoney profile »

By ticking the declaration you are confirming that you will adhere to the ongoing requirements to appear as a specialist.

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FAQs

General

Q: How do I sign up to appear as a specialist?
A: Members who meet the eligibility requirements (only) will be able to opt-in for these specialisms through their yourmoney profile

Q: I can't see the option to sign up as a specialist on the profile form?
A: Only members who have met the eligibilty requirements will see the options to sign up for the specialist registers on their yourmoney profile. If you have passed this criteria but are not presented with the options to sign up then please get in touch on +44 (0)20 8530 0852 or at yourmoney@thepfs.org.

Q: How will consumers know that I am a specialist?
A: Your profile will display the relevant badge and your profile will appear when visitors filter their search using the relevant specialists tick box. 

Q: What ongoing CPD will count towards these specialisms?
A: Specialists will be required to complete an additional 10 hours of CPD each year for each specialism. The topics will be directly related to their area of specialism. Further guidance will be provided on the appropriate topics of CPD expected for each specialism.

Q: What happens if my Membership or SPS expires?
A: If your membership or SPS lapses then you will no longer be eligible to be listed on the specialist register. When you renew then your profile will automatically be reinstated, so no further action will be required. 

Retirement Planning

Q: What if I fail the R08 exam?
A: If you fail the R08 exam then you will have the opportunity to resit, but you must pass the module within your enrolment period.

Q: Is there a CPD alternative to enrolling on the CII Pensions Update Programme that will allow me to be listed as a Retirement Planning Specialist?
A: There is no CPD alternative to the Pensions Update Programme. The programme has been carefully designed to provide in depth knowledge and understanding of changes introduced by the Taxation of Pensions Act 2014, changes to the State pension provision from 06 April 2016 and the key factors to take into account when advising clients on their retirement income.

Q: If I pass the October 2015 syllabus of AF3 or J05 will I still need to pass the R08 examination?
A: No. All future syllabuses of AF3 and J05 will be updated to include the relevant content from R08. 

Later Life Advice

Q: What is the Later Life Orientation Programme?
A: It is a basic online course intended to give members a broad understanding of the interrelated financial planning topics, legal considerations and practical skills associated with advising older clients and their families. The course will signpost follow-up materials to help members develop their understanding in specific areas. 

Q: How much does the Later Life Orientation Programme cost?
A: There is no charge for members to participate in this orientation programme.

Q: I am already SOLLA Accredited; do I still need to participate in the Later Life Orientation Programme?
A: Advisers meeting enhanced later life advice requirements, such as being SOLLA Accredited, are welcome to participate in the orientation programme but will not be required to do so. Please email a copy of your certificate to yourmoney@thepfs.org to be exempt from this requirement.

Q: How do I access the Later Life Orientation Programme?
A: By signing the declaration to appear as a Later Life Advice Specialist on the yourmoney profile edit form you will be signed up to the programme. You will be contacted when the course is available to complete with more information (typically this will be 5-10 working days).

Q: How long do I have to complete the later life orientation programme?
A: You are expected to complete the programme within 3 months of receiving the enrolment email.  

Q: What if I fail the Later Life Orientation Programme?
A: The course is intended to offer practical information to members, so is not examination-based. There is no pass or fail.

Q: If I have passed G80 before October 2004 am I eligible to be listed as a specialist?
A: No. The syllabus for G80 prior to October 2004 did not cover the required topics, so members will be required to pass the CF8 exam to be eligible. Members passing a post-October 2004 G80 syllabus do meet the requirements as a new syllabus was introduced.

If you have any further questions contact yourmoney@thepfs.org