Stand out from the competition with BS ISO 22222:2005 – the quality standard for providing personal finance services

Whether you are an Independent Financial Adviser or work for a financial institution providing personal finance services it is important to keep up to date with the latest best practice guidelines.

BS ISO 22222:2005 has been drawn up with the objective of achieving and promoting consumer confidence by providing an internationally agreed benchmark for a high global standard of personal finance service.

This standard specifies requirements and provides a framework that applies to the ethical behaviour, competences and experience of a professional personal financial planner regardless of their employment status.

The standard defines six steps of the personal financial planning process:

1. Establishing and defining the client and personal financial planner relationship
2. Gathering client data and determining goals and expectations
3. Analysing and evaluating the client's financial status
4. Developing and presenting the financial plan
5. Implementing the financial planning recommendations
6. Monitoring the financial plan and the financial planning relationship

In addition BS ISO 22222 describes and addresses the various methods of conformity assessment and specifies requirements applying to each of them.

Conformity assessment of personal financial planners is a complex task requiring access to specialist knowledge, skills and experience. By adopting BS ISO 22222 requirements and recommendations, the personal financial planner will be able to demonstrate continued competency following the necessary training programmes and maintaining records of these so that conformity to a high academic standard can be claimed.

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