Advisers must “call out” bad practice in the financial services industry, as it “affects the reputation of our profession and ultimately our customers”, Pimfa chief executive Liz Field said.

Speaking at Pimfa’s annual summer reception, Field said “we must continue to ensure that the industry is seen as a valuable resource for all”.

“We are working to drive the right outcomes to ensure trust in the industry, this is a crucial and integral to our overall mission. Our firms are helping build the financial futures for clients – and ultimately help contribute to the positive financial and mental wellbeing of families and individuals. This is based on an ongoing relationship built on trust, often established over several years of highs and lows. 

Field added that Pimfa’s six pillar approach as outlined in the Pimfa members manifesto, is aimed at "designing a sector for the future, enable access to it, ensure appropriate and proportional regulation of it, develop robust and thriving markets whilst also ensuring business protection and enable digital business transformation through a sector-wide digital strategy”.

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