The Institute of Financial Planning launched its Accredited Financial Planning firms register on Wednesday.

The register of Accredited Financial Planning Firms will recognise firms which have demonstrated the highest professional standards and quality of Financial Planning.

To successfully meet the criteria, firms must demonstrate that they provide a comprehensive Financial Planning structure as well as a clear remuneration service.

They must also commit to the IFP Code of Ethics and Practice Standards and have appropriately trained and qualified staff in place.

At least 50 per cent of a firm’s registered advisers must be qualified as a CFP^CM professional or equivalent. All individuals providing financial service must also have been tested on their Financial Planning skills at an advanced level or be being mentored by an appropriately qualified Financial Planner.

Benefits of being an Accredited Financial Planning firm include brand awareness, business support, professional recognition and improved scope for commercial success.

IFP chief executive Nick Cann said: “Currently, many firms suggest that they provide a Financial Planning service but, in reality, get nowhere near it, which is very confusing for consumers.

“By choosing an Accredited Financial Planning Firm, consumers can be confident of receiving an effective Financial Planning service, helping them through the complex maze the FSA has created.”

Applications are now being taken for firms who wish to be on the register and the first 25 will be recognised at the IFP’s 25^th anniversary celebration at the annual conference in October.