What is this standard about?
BSI has packaged both BS 8577 and BS ISO 22222 together to make it easier for financial advice firms to obtain the standards they need to deliver professional and management good practice.
Who is this standard for?
- Financial advisors (IFA Industry)
- Financial planners – personal, corporate or business
- High street banks
- Senior management and financial directors
Why should you use this standard?
BS 8577 sets out a framework for managing an adviser organization and effectively supporting the provision of financial advice and planning services. The standard covers the management of a company, incorporating all aspects that support the provision of advice services, such as fair, transparent and professional interaction with clients.
BS ISO 22222 specifies the professional competencies for Personal Financial Planner, with the objective of achieving and promoting consumer confidence by providing an internationally agreed benchmark for individuals offering personal finance services.
For personal financial planners currently working to BS ISO 22222, BS 8577 sets out a management framework that will enable their firms to support them in their roles by allocating the necessary resources. Use of both standards will provide a benchmark for best practice and help ensure that consumer interests are protected.