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Monday, 01 October 2012 09:33
Two more firms recognised as Accredited Financial Planning Firms by IFP
Two more firms have been recognised as Accredited Financial Planning Firms by the Institute of Financial Planning Firms.
This brings the total number of firms on the register to 48.
The two firms are Critchleys Financial Planning in Oxford, led by Jason McGuigan CFPCM, and Sound Financial Planning in Basildon which is led by Paul Spires CFPCM.
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 CFPCM 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.
This week marks one year of the Accredited Financial Planning Firms initiative since it was launched at last year's IFP annual conference.
Since the launch there has been a new Professional Indemnity insurance solution offered which offers lower rates for members of the register.
Nick Cann, chief executive of the IFP, said: "It's particularly fitting that today on the first anniversary of the IFP launching this leading initiative, we can welcome these two excellent Financial Planning firms in joining the register of Accredited Firms.
"The benefits of Accreditation are already being seen by firms. This has been further demonstrated by the addition of a brand new PI Insurance solution to better suit these Financial Planning businesses. The FSA has suggested that they want to understand more about the business models and the culture within businesses and the Accreditation enables this to be far more visible and better understood."
This brings the total number of firms on the register to 48.
The two firms are Critchleys Financial Planning in Oxford, led by Jason McGuigan CFPCM, and Sound Financial Planning in Basildon which is led by Paul Spires CFPCM.
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 CFPCM 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.
This week marks one year of the Accredited Financial Planning Firms initiative since it was launched at last year's IFP annual conference.
Since the launch there has been a new Professional Indemnity insurance solution offered which offers lower rates for members of the register.
Nick Cann, chief executive of the IFP, said: "It's particularly fitting that today on the first anniversary of the IFP launching this leading initiative, we can welcome these two excellent Financial Planning firms in joining the register of Accredited Firms.
"The benefits of Accreditation are already being seen by firms. This has been further demonstrated by the addition of a brand new PI Insurance solution to better suit these Financial Planning businesses. The FSA has suggested that they want to understand more about the business models and the culture within businesses and the Accreditation enables this to be far more visible and better understood."
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