Backstage with Keith Richards - 13 April 2020
Blog
Publication date:
16 April 2020
Last updated:
19 February 2026
Author(s):
Keith Richards
It seems ironic that as we entered a period of lockdown the weather brightened up and for many parts of the country it has remained mainly sunny and dry. The Easter Bank Holiday was certainly a test of the public's spirit and compliance, with the vast majority praised for staying at home in 20C+ temperatures. Well done Britain!
I’d like to open this week by saying a big ‘thank you’ to the Societies’ past presidents, current board and all members across the country who have been providing valuable input for our weekly meetings with the FCA – please keep it coming!
My call with the FCA last Thursday provided further encouragement that the regulator is willing to listen to and engage with us. We are encouraged by the FCA’s moves to introduce measures which ease pressure on our sector.
At the PFS we continue to prioritise the immediate needs of our members and your clients. We are also looking further ahead as we continue to plan for our Festival of Financial Planning 2020 in November. I’m also delighted to announce entries to the PFS Awards 2020/21 are now open…
Could you be a winner at the Personal Finance Awards 2020/21?
As the world comes to terms with the impact of Covid-19, the need for personal financial advice has never been greater. I am therefore delighted to announce that entries to the Personal Finance Society’s PFS Awards 2020/21 are now open.
Financial planning provides an invaluable service to individuals, families and firms, giving clients confidence and clarity to help them meet their financial needs and longer-term goals and aspirations.
Our awards recognise those who strive to deliver exceptional consumer outcomes. Firmly established since their launch a decade ago, the Personal Finance Awards have acquired a reputation as ‘the ones to win’ thanks to the rigorous judging process and recognition amongst your peers.
In these challenging times, we feel it is important to look ahead towards the end of the year where we will recognise and honour leaders across the personal finance landscape in the following categories:
- Chartered Financial Planner
- Chartered Financial Planning Firm
- Retirement and Later Life Specialist
- Investment Advice Specialist
- Mortgage and Protection Specialist
- Paraplanner of the Year
- Education Champion of the Year (a new award which recognises those who provide pro bono services and giving back to their local community).
Please do consider putting yourself forward for recognition. An award-winning entry can take time to craft; start the process now by visiting the PFS Awards 2020/21 website where you can view the entry criteria and take inspiration from watching videos of some of our winners last year.
Entries will close on 1 July.
FCA fee proposals
Given the impact of Covid-19, it is important that the FCA continues to recognise the financial pressure being placed on advice firms and I welcome the proposed freezing of minimum fees for many small firms as well as limiting an increase of the overall levy by 1.6 per cent for the A13 advisory arrangers, dealers or brokers group.
It is also good to see the regulator consulting on a communications and information campaign to tackle areas where they see real risk of consumer harm. The Personal Finance Society raised the need for this campaign in its initial COVID-19 discussions and recommendations.
We believe it is time for a united consumer campaign rather than a regulatory warning against scams or the sign-posting of FSCS, as this alone may further erode the public’s confidence and trust in the sector, and could further push them into the path of fraudsters. Government, regulators, and the regulated sector need to work together to better engage, inform, and empower people to make the right decisions about their current and future financial wellbeing.
Consumer education is essential in reducing consumer harm and regulated firms have a key role to play in delivering better outcomes. We are encouraged by the fact that the FCA has tested the initial campaign on a pilot basis, and we look forward to engaging with the them on its implementation.
My blog will continue to address critical issues and communicate how we are supporting our network of advisers across the country. Your thoughts and suggestions on future priorities are welcome. Please forward your suggestions to pfsnews@thepfs.org
Keith Richards
Chief Executive Officer – Personal Finance Society
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.
