BSI Plans Greater Confidence In Our Financial Futures
1st December 2003
BSI Group's Financial Services Standards committee announces the first consultation phase on the draft standard for personal financial planning
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
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 firstname.lastname@example.org). Significantly, the UK bodies have 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@example.com as follows:
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.
For more information please contact:
Wilma Tulloch on +44 (0)20 8996 6330 OR
Marc Edney on +44 (0)20 8996 6330