Membership of professional bodies needs review
Under these proposals, advisers will need to demonstrate greater knowledge and skills and meet enhanced standards in dealing with clients. IFP supports moves to raise professional standards with the objective that the consumer will ultimately be better served although, according to Nick Cann, CEO of IFP, there are still issues to be sorted out when it comes to membership of professional bodies.
He commented “The IFP remains concerned about a level playing field. Many individuals have already invested in their professional development and have benefited from doing so. European law prevents the FSA making membership of a professional body compulsory and so it is important that those that have joined see some genuine benefit. It is equally important that those who decide, for whatever reason, not to join a professional body do not receive an easy ride.”