IFP President Rebecca Taylor
The Financial Planning Standards Board is working on how it can help consumers to understand the role of CFP professionals.
The body, which owns CFP certification globally, held its bi-annual meeting in Hong Kong at the end of April.
The meeting was attended by representatives from 24 countries including the UK, represented by Institute of Financial Planning president Rebecca Taylor FIFP CFPCM.
FPSB board member Ian Johnston from Dubai said that consumers did not understand the difference between a financial adviser and a Financial Planner. He also criticised the industry's "failure to lead" which meant the regulator had to step in and impose minimum qualifications and commission bans.
He encouraged members to set higher professional standards for competence and ethics to ensure client' interest always came first.
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Barry Horner CFPCM, former IFP president and FPSB council chairperson, presented on the FPSB's Regulation Advisory Panel. This looked at how FPSB could position CFP certification within the larger financial advice space and how members could work with their regulators to implement regulatory reform.
Research of the UK by FPSB and research firm Cerulli Associates found that 80 per cent of CFP professionals in the UK were satisfied with the certification and the majority reported growth in income and clients after achieving the certification. There are almost 1,000 CFP professionals in the UK.
The next meeting will be held in Sydney in 21-25 October followed by Istanbul in March 2014.
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