Backstage with Keith Richards – 21 July 2020

In meeting with the CEO and lead ombudsman of the Financial Ombudsman Service (FOS) Caroline Wayman last week, I am pleased to say that we were all agreed that the need and demand for professional advice is set to increase, especially given the level of uncertainty and financial challenges facing the public.

The FOS has agreed to continue working with the PFS on the sharing of good practice which will be incorporated into future events. It also proved timely to be reminded by Caroline that of complaints received by the FOS, less than one percent are against a regulated adviser.

ESG global qualification

I am pleased to announce that the Personal Finance Society has teamed up with a new global body for sustainable finance to develop environmental, social and governance (ESG) qualifications and training. 

Launched this week, the International Association for Sustainable Economy (IASE) will have a presence in 25 countries including the UK, the USA and China. The PFS will be part of the new organisation’s board and academic committee, through which it will develop ESG-related exam and training material. This will include continuing professional development (CPD) material. 

ESG investing is increasingly prominent for advisers and retail investors, and its importance is likely to grow further over the next few years.

The IASE qualifications will be designed in collaboration with highly experienced ESG professionals from multiple geographies and sectors around the world and enable holders to demonstrate their technical competence through certification to international standards.

Extended implementation deadline

You will no doubt have seen that the FCA has extended the deadline for views on extending the implementation deadlines for the Senior Managers and Certification Regime and Conduct Rules.

During the height of the lockdown measures we called for greater consideration by the regulator to ease the administrative burdens on firms. We therefore wholly support the delayed implementation deadlines for the Senior Managers and Certification Regime which will be welcomed across the sector.

Firms have been impacted in different ways by Covid-19. Advisers who still want to add their details to the register can do so, so this delay does not prevent consumers from benefiting from the register but it does ease the strain on advisers who have been affected by the pandemic.

Virtual and physical events

The Personal Finance Society is adopting a blended programme of smaller regional meetings at the end of 2020 combined with a selection of virtual events. Such an approach will ensure members can stay safe, informed, and remain connected to the wider profession during these challenging times.

The physical events will take place in November, if government guidelines at that time allow, and will provide a topical business relevant agenda and an opportunity to reengage old acquaintances, make new ones, and share good practice and experiences with their peers.

Last week we announced the first series of webinars – taking place during July and August – which are now open for registration. Check last week’s PFS Newsletter for full details.

Stamp duty – early impact?

I welcomed the Chancellor’s recent announcement of a stamp duty holiday, which will help get the nation moving again plus more cash will be spent on refurbishing properties and new furniture bringing benefits to the wider UK economy.

We would love to understand what early impact this is having on the provision of finance around mortgages and other spending on properties. Have you seen a significant increase in requests for advice and loan applications? Your feedback is welcome via email to pfsnews@thepfs.org

Keith Richards
Chief Executive Officer – Personal Finance Society