The Personal Finance Society has added accreditation from the Society of Later Life Advisers (SOLLA) as counting towards achieving PFS Fellowship status.

SOLLA Later Life Adviser accredited professionals can now apply online to gain 30 credits towards Fellowship.

To achieve PFS Fellowship status Financial Planners must complete extra qualifications after achieving the CII’s Chartered status.

Credits are awarded for every CII qualification passed, with those with a minimum of 350 credits awarded Fellowship.

To achieve the SOLLA Later Life Adviser Accreditation Financial Planners must evidence later life technical knowledge, demonstrate they work within a supportive environment and confirm ongoing maintenance of competence within an online submission. Advisers then undertake a final Viva assessment with their overall application scrutinised by an independent accreditation panel.

Mark Hutchinson, membership director of the Personal Finance Society, said: “Achieving Later Life Adviser Accreditation from the Society of Later Life Advisers is an endorsement of a Financial Planning professional’s skills and experience of working with, and understanding the needs of, older people and their families and carers.

“Being awarded Fellowship of the Personal Finance Society represents the pinnacle of academic professional achievement. Many advisers choose to specialise in their drive beyond minimum knowledge and qualification standards and we are keen to acknowledge the role of high-quality third-party courses and accreditations in contributing towards the achievement of Fellowship status.”

The PFS added that SOLLA accreditation is the first of several potential qualifications to count towards achieving Chartered and Fellowship designations, following responses to the CII’s ‘Shaping the future together’ consultation.

The PFS also recently reinstated the PFS CEO role following the consultation. The role, previously held by Keith Richards, was axed last year by the CII.

Don MacIntyre has been appointed interim CEO and will work with the PFS board and an executive search consultancy to secure a permanent CEO in early 2023.

The CII decided to do a U-turn after stiff opposition from members, particularly PFS members.

Together the CII and PFS have 125,000 members, which includes 40,000 PFS members.