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Personal Finance Society
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Backstage with Keith Richards

14th October 2016


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 existing clients.

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 issues.

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.


Celebrating high achievement 

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 learning.


Proactive PFS

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). 

 New Model Adviser - chart


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 professionalism.

For the full article visit the following link:

CISI: what do planners think of the IFP merger one year on?


Kind regards,


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 »