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Traffic light guide to personal finance advice regulation

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  • Publish date: 04 December 2015
  • Archived on: 04 December 2016

ICAEW launch a new quick guide to personal financial planning regulation to help members understand the advice they can provide to clients.

When the “Tomorrow’s Practice” report launched in March 2015, it was clear that there were many new opportunities for practitioners to expand the range of services they offered. Many practices are already responding to clients’ needs for a “one stop shop” for financial advice by developing their relationships as trusted business advisors to offer personal financial advice too.

Personal financial planning advice can cover many areas, from pensions and estate planning to insurance and investments. And while this is an area of opportunity, the regulation can be complex. It is important for practitioners to understand the type of advice they can give to help members navigate this area, so ICAEW have produced the “Personal Financial Planning: Traffic light guide to regulation”. This guide provides a quick reference, across a number of different areas:

  • what advice is unregulated;
  • what can be provided by a Designated Professional Body (DPB) scheme licence holder; and
  • what is FCA regulated.

By understanding the regulatory landscape we hope that more practitioners will be encouraged to explore these areas of personal finance advice with their clients and by doing so add value to the service you can offer them. The guide looks not just at advice, but also the issues practitioners should be aware of when making referrals and, when working with another financial planner, the extent to which you can comment on advice given.

More information on the guide can be found on ICAEW’s Personal Financial Planning website, where you can also download a copy of the guide. Printed copies are available on request from practice@icaew.com.

For more information on the DPB scheme, see icaew.com/dpb

December 2015