BS 8577 - Framework for the provision of financial advice and planning services, is a long awaited British Standard for financial planning and advisory firms.
Professional interest in BS 8577 and the Standards International Certification Scheme is already exceeding expectations, says the company.

Michelle Hoskin, business development director, Standards International and author of 'Best Practice Makes Perfect!', said:"This is massive step change in financial services and I truly believe that certification in this Standard will be instrumental in positively changing the face of financial services forever."

In today's professional world, doing business is about striving for and achieving 'Best Practice' - not just about delivering 'Best Advice', she says.
According to the company, BS 8577 is the only professional quality standard within financial services which focuses solely on the key areas of business practice.

Ms Hoskin says: "I was delighted to support the BSI throughout the development of BS 8577 as the lead on the drafting committee."
BS 8577 sets out recommended business and professional practice for firms offering financial advice and planning to various types of client. It aims to cover the principles and processes that support the provision of these services, including requirements on business and customer management, control of documents and training/staff development.

It aims to complement and/or support application of the industry-recognised International Standard for Personal Financial Planners (BS ISO 22222). However, the new standard can be used independently by organisations providing advice.

The BSI says the new standard should boost consumer confidence and trust in financial advice and planning services. The standard, known as BS 8577, is also intended to help firms during the latest phase of regulatory transition.
Against a backdrop of low consumer confidence, and confusion over the provision of financial advice, BS 8577 sets the requirements for the consistent delivery of fair, transparent and professional interaction with clients. To hit the right balance, the new standard has been developed with industry, professional experts and consumer representatives including the Institute of Financial Planning, the Chartered Insurance Institute, Which?, Standards International and The Personal Finance Society.
BS 8577 will be of particular relevance to firms offering personal, corporate or business financial advice and planning services but may also benefit retail firms providing 'over-the-counter' advice, such as high street banks. The standard is applicable to those responsible for the overall management and delivery of financial advice and planning including senior advisers and planners. Following the standard will help organisations to meet with nine core principles which have been designed to improve the management of their business and to protect the interests of their customers.
Gavin Tisshaw, Chairman of the BSI sub-committee and a Chartered and Certified Financial PlannerCM, said:  "This new standard for firms is being launched at a critical time with RDR Implementation only a few months away. BS 8577 will act as a differentiator to potential Clients seeking financial advice.  When dealing with a firm operating to this standard, clients can have confidence in their ability to consistently deliver a high quality of service. Advisory firms that adhere to BS 8577 should enjoy the peace of mind that comes with having put together and implemented well thought out and robust business systems and processes".
BS 8577 is also expected to help the financial sector with the transition into the FSA's Retail Distribution Review (due to come into force in 2013) by defining the minimum standards of business practice and the core professional competencies required for firms and their advisers and planners.
Which? Chief Executive, Peter Vicary-Smith, said: "Now, more than ever, consumers need financial advice they can trust on what to do with their money. We were shocked to find appallingly low standards when we investigated the investment advice given by high street banks and building societies. So we want to see take up from firms to give consumers looking for financial advice confidence that the adviser they choose meets a high benchmark and that they'll receive reliable, high quality advice."
The new standard is intended to complement the Personal Finance Planning standard, ISO 22222, and underpin its principles of professionalism by providing a means to review competencies and establish a financial planning process.
"Firms offering personal financial advice and planning services remain a primary channel for distributing products to consumers. We envisage that industry-wide implementation of this new standard will lead to a better informed, well-advised and assured public who will want to make better use of their money," said Shirley Bailey-Wood, Director of Publishing at BSI. "Greater confidence in financial advice will undoubtedly lead to customers purchasing a wider range of products and services, which is likely to stimulate the financial services market."
An official launch event for the standard, with speakers from industry and from across the profession, will take place in the summer. In the meantime, for further information or to buy a copy of the standard, please visit: www.bsigroup.com/financialadvice