The Personal Finance Society (PFS) has announced it is launching a new associate firm membership.
 
The society suggested that associate firms will enjoy a closer relationship with the professional body as part of a renewed ‘united profession’ approach to building public trust – and to elevate the importance and value of financial wellbeing through financial planning and investment advice.
 
Firms must adopt eight underlying principles of association which include a commitment to “comply with the spirit” as well as the rules of regulation and employment law. The PFS also suggested firms should have a clear diversity and inclusion policy, as well as a policy for corporate social responsibility.
 
The new membership will be annually renewable and the society suggested that firms may be required to provide evidence of how they are meeting the commitments.

“Associate firm status publicly demonstrates a firm’s voluntary adoption of the professional standards and principals set independently,” said PFS chief executive, Keith Richards. “This alignment allows associates to stand tall behind a strong and proud inclusive united profession, placing clients and staff at the heart of its culture and focus.
 
“Our strapline: Standards. Professionalism. Trust, embodies our commitment to driving confidence in the power of financial planning through professional standards, competence, integrity and care for the client – firms as well as individuals can play a role in achieve this vision.”
 
Several financial planning firms have already signed up ahead of launch, including Syndaxi Chartered Financial Planners.

Syndaxi managing director, Robert Reid, commented: “As an individual I am proud to be associated with the PFS, as both a current member and past president, and without hesitation wanted to clearly align my business with the eight principles of Association.

“All firms can now play a role in uniting our profession behind a common code of professional ethics, cultural behaviours and the sharing of good practice and my firm is totally committed to play its part.”

Share Story: