The Institute of Financial Planning's prestigious annual CFP Professional of the Year award has been launched and is open for entries until 12 June.

The winner will be announced at the IFP Annual Conference in October, one of the UK's biggest Financial Planning events attended by more than 600 people. The prizes include a free place at the conference and a cheque for £1,000.

The competition is sponsored by Dimensional Fund Advisors and is open to any CFPCM professional currently practising in the UK.

There are over 1,000 CFP professionals in the UK eligible to enter. Worldwide there are more than 160,000 CFP professionals.

There are four steps to entering. The first three are compulsory for all candidates whereas the fourth only applies to shortlisted candidates:

• Register with the IFP to confirm eligibility as a CFP professional
• Complete an online technical assessment provided by FPSB UK
• Submit a redacted financial plan which the individual has produced for a client within the last 12 months
• Interview by panel; Shortlisted candidates will be invited to an interview with the judging panel in September to face questions on Financial Planning including aspects of their submitted financial plan

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Steve Gazzard, IFP chief executive, said: "With the new pensions' freedoms, there has never been a more important time for consumers to be able to get Financial Planning advice they can trust.

"CFP professionals represent the global standard of excellence in Financial Planning and so our judging panel will have a very tough task to identify the overall winner as the standard will be incredibly high. We are extremely grateful to Dimensional for their support for the award, which reflects their commitment to the Financial Planning profession."

David Jones, head of Financial Adviser Services and Vice President, EMEA at Dimensional said: "As an advocate of education, research and ongoing professional development, Dimensional is delighted to support the 2015 CFP Professional of the Year award.

"We believe this award recognises excellence and innovation in Financial Planning, requiring candidates to demonstrate a wide range of skills from strong technical knowledge to robust Financial Planning and clear communication skills. We look forward to presenting the award to the ultimate winner at Celtic Manor Resort in October."

Full details of the award are available at the IFP website www.financialplanning.org.uk