Ensuring good governance throughout the product life-cycle: A financial planner’s view

Author(s): 
Nick Bamford, Executive Director, Informed Choice Ltd

Abstract
Chartered financial planner status is a relatively new concept in UK financial services. Practitioners have a higher standard of qualification (QCF level 6) than the baseline entry level required by the Financial Conduct Authority Rules which is set at QCF level 4 Diploma. Many chartered financial planners charge explicit fees to their client where advice is not dependent upon the implementation of a financial product: this advice will often be supported by a full and comprehensive financial plan, often supported by lifetime cash flow forecasting. Where a financial product is needed as part of a solution aimed at achieving client goals and objectives, most chartered financial planners will select such product solutions from the whole of the market. They will satisfy the FCA definition of ‘independent’.

 

Keywords: product life-cycle, chartered financial planner, suitability, governance, know your customer, TCF

 

Nick Bamford is Executive Director of Informed Choice Ltd, a family owned and managed firm of Chartered Financial Planners based in Cranleigh, Surrey. Nick has been an independent financial adviser for 27 years and delivers financial planning and advice services to a wide range of consumers. Nick works mainly with members of the baby boomer generation who have complex and pressing planning needs, and who often are sandwiched between generations (having children and parents to consider) with retirement at the front of their minds. Nick has a BA Hons Degree in Financial Services from Napier University, Edinburgh and an Advanced Diploma in Risk Management. He spoke on the subject of good governance throughout the product life-cycle at the Infoline Compliance Monitoring & Assurance Strategy 2016 Conference as a panel member in London in September 2016.

 

Volume Number: 
1
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