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

Nick Bamford

Journal of Financial Compliance, 2017, vol. 1, issue 1, 89-94

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 Financial Conduct Authority (FCA) definition of ‘independent’.

Keywords: product life-cycle; chartered financial planner; suitability; governance; know your customer; TCF (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2017
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