The Code, the importance of which is highlighted by the Society’s head of public affairs, John Ellis, in this month’s issue of Financial Solutions magazine, is a fundamental part of the PFS’s ambition to improve the standards of knowledge and conduct of its individual members. The Society is confident that this in turn will help to improve perceptions on the part of the consumer and of the media of financial advisers generally, including the IFA sector.
The Code contains a statement of key values and principles that the PFS is encouraging all members to read and adhere to. These include:
* behave with responsibility and integrity
* demonstrate professional competence and due care
* uphold professional standards
* respect confidentiality
* apply objectivity in making professional judgements
* avoid conflicts of interest
* act ethically, honestly, and be trustworthy in all professional relationships
Commenting on the Code, John Ellis said: "I would commend this Code to every member of the Society. There is much complaint over the size of the regulatory rulebook and I suppose people could be forgiven for not becoming experts in that. But our own Code of Practice is only two pages long and I suggest that every member should read it."
In addition to the code of ethics, the PFS membership packs include the following:
* A Guide to the Personal Finance Society
* Membership card with PFS designation
* Faculties Questionnaire
Following the merger of the LIA and SOFA to create the Personal Finance Society on 1st January this year, the new PFS designations have now been allocated to members and are as follows:
Cert PFS 17,500
Dip PFS 4,000
APFS 1,100
FPFS 200
Ordinary 2,700
Total 25,500
