Associations' stance questioned
Both the Professional Advisers Association (PAA) and the Institute of Financial Advisers (IFA) have argued in their Financial Advisers Act review options paper submissions that industry professional bodies should be given more of a role.
The PAA said one or more associations could have an external compliance role, co-ordinating the provision of training and continuing professional development (CPD), co-ordinating external compliance assurance and delivering a review service, and raising consumer awareness.
The IFA suggests licensing appropriate professional bodies to provide best practice guidance templates, consult on competency level requirements, enable career pathways and conduct peer reviews of advisers' processes.
In return, their members would receive reduced compliance costs.
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