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Sector thought leadership
PFS Annual Report 2023
As part of the CII, our aim is to become a much bolder voice for the public and for our members and increase our advocacy activities accordingly. We aim to play a greater direct role in influencing relevant legislation and policy decisions by government, while continuing to collaborate with others within our sectors to effect change. We will work to build the PFS’ broad brand recognition within our sectors and beyond and become a commentator of choice on professional matters in financial planning and mortgage advice.
Our objective is to be known as the thought leader for our sectors, drawing on the expertise of our members to develop cutting-edge knowledge on professional matters and partnering with innovators to showcase the future for financial planning.
Our focus will be on continuing to help members navigate the introduction of new regulations, such as the Financial Conduct Authority’s Consumer Duty regulations.
During 2023 we produced and disseminated relevant Good Practice and Companion Guides to our Code of Ethics. This included a guide on environmental and social governance, sometimes known as Green Finance, and a piece on AI around safeguards, governance processes, how you treat third parties, and levels of scrutiny.
In September, we established a new panel of advisers, policy professionals and sustainable finance experts to enhance advice standards and consumer outcomes around climate change and other sustainability challenges.
The PFS Sustainable Financial Advice Panel will help PFS members to embed sustainability into the advice they provide to consumers and ensure that the profession is at the heart of policy development in this space. The new panel will set standards for advisers as well as providing PFS members with the support, guidance and training that will enable them to give consumers consistent, high-quality advice on sustainable finance and related areas.
Our “My Personal Finance Skills” schools education programme returned to the classroom having been delivered virtually during the pandemic. During the academic year 2022-23, we delivered essential financial skills to more than 26,000 students, thanks to the support of our expert volunteers delivering more than 600 sessions. In addition, we developed and began piloting a dedicated 12-week programme as part of the popular Duke of Edinburgh skills development scheme supported by funding from the Education and Training Trust.
In 2024, the PFS and CII have been working with insurance and financial planning firms as part of a scheme to pilot new T Level qualifications in Finance and Insurance. T Levels are 2-year, Level 3, qualifications available to 16 to 19-year-olds in England. The qualifications have been designed in collaboration with employers and are equivalent in size to three A levels. They have been developed to help young people acquire the skills, knowledge and behaviours needed to progress into skilled employment, an apprenticeship, or further study.
These PFS and CII pilot schemes will allow us to work closely with employers and educators, providing the support needed to build a successful pathway for new talent.
