IFA committee provides comprehensive set of guidance notes

07 October 2011

Newly established IFA committee provides comprehensive set of guidance notes to members

A newly established committee within the Institute of Financial Advisers (IFA) has issued a comprehensive set of notes offering advisers guidance on how to interpret the ever changing regulatory and practice environment.

The IFA's decision to establish a Professional Practice Committee follows a number of recent changes in the industry which have dramatically changed the face of the profession, including the recently introduced Financial Advisers Act.

IFA president Nigel Tate says members have been asking for guidance on areas such as legislative change for some time and establishing a committee was viewed as being the best way to provide high quality guidance with a full consultative process which is overseen by a Professional Practice Committee.

"Advisers are experiencing a period of significant change in their profession and by issuing guidance notes the IFA aims to help advisers better navigate the ever changing environment," Tate says.

The guidance notes are designed to address key areas of member practice where common issues are identified, or where significant risk occurs, including recent regulatory changes and potentially ground breaking court cases.

Today the Professional Practice Committee has issued four guidance notes on Research, the use of Risk Profiling, Scope of Advice and Diversification.

Tate says unlike other IFA documents, the guidance notes are not enforceable by the Institute or by any other entity. "The guidance notes are designed to be just that, guidance for advisers seeking direction on specific areas in their profession."

Chaired by Tate, the Professional Practice Committee's five members will represent some of the institute's most experienced, knowledgeable and respected practitioners. Inaugural members include Simon Hassan, a former IFA president and member of the Financial Planning Standards Board (FPSB) Standards Committee and Stephen O'Connor, a former IFA president and immediate past Chair of the FPSB. Two further members will be appointed in coming months.

ENDS

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