The BSI Group's Financial Services Standards committee is working hard to
ensure that financial advice for consumers is both sound and unambiguous.
Ensuring an inclusive approach is taken, BSI has formally invited interested
parties to review the new draft of the International Standardization
Organization (ISO) standard and to provide feedback at an event held at the
Stock Exchange, London on Tuesday 2nd December.
The aim of the Standard is to provide an international benchmark for
financial planners to work towards. ISO members have developed the standard
over the last three years, which means that it recognises experience and
best practices from around the world. The intention is to improve levels of
financial planning and to increase recognition of the financial planning
process to ultimately benefit the consumer.
The standard has four core parts:
* definition, process and practice
* competencies
* ethics
* experience
The ISO standard is due to be introduced towards the end of 2005. It will be
implemented in the UK as a BS ISO Standard. It is also likely that the BS
ISO will form a significant part of the UK's examination framework that is
being developed by the Skills Council for Financial Services (SCFS). Prof.
David Jackman, CEO of SCFS and chairman of the BSI Financial Services
committee, says:
"The draft represents a significant step forward in offering a higher
standard than the regulatory benchmark and helps in identifying the
essential elements of the financial planning discipline. The standard is the
result of close cooperation between a wide range of industry and
professional bodies both in the UK and internationally. The BSI and ISO
brands offer consumers a clear and easily recognisable designation of
quality."
Over 30 organisations are represented on the BSI committee (details of
member organisations are available from the committee secretary, Carol
Eddleston at [email protected]
united under the BSI banner to develop the UK consensus. In turn the
committee has appointed ten individuals to represent the UK on the
international working groups.
Carol Eddleston of BSI adds: ""Many financial advisers already offer a high
standard of advice but it is often difficult for consumers to identify who
these individuals are. The ISO will provide a valuable indication and will
help to re-establish confidence to the benefit of consumers and the industry
alike".
Copies of these drafts are available from BSI Customer Services on tel: 020
8996 9001, fax: 020 8996 7001 or email: [email protected]
03/116070DC - Draft ISO 21551 Personal financial planning - Definition and
process of personal financial planning
03/116071DC - Draft ISO 21555 Personal financial planning - Requirements for
competence of a personal financial planner
03/116072DC - Draft ISO 15551 Personal financial planning - Ethical
requirements
03/116073DC - Draft ISO 23449 Personal financial planning - Experience
requirements
They are available as a special priced kit for £40.00 or separately for
£20.00 each.
