This badge is given to an adviser when they have provided details appertaining to the key people in the business, made statements confirming they have training & competence, compliance and monitoring systems in place. They also will have made a declaration stating if they are subject to an ombudsman service in the event of disputes. Some advisers will also hold a Statement of Professional Standing if they are regulated in such countries as the UK.
This adviser is subject to Financial Regulation which comprises of laws and rules that govern what financial institutions such as banks, advisers, brokers and investment companies can do. These rules are generally established by Government regulators to protect and help educate investors, maintain orderly financial markets and encourage financial stability. These regulatory activities can include setting minimum standards for capital and conduct, making regular inspections, and investigating and prosecuting misconduct and generally aiming to maintain the integrity of the financial system.
Professional Indemnity Insurance
Professional Indemnity Insurance is held by this adviser and/or the company represented. It is designed to protect their business in the event of a client making a claim against them as a result of non-performance, breach of duty of care or professional negligence. This means that there is a mechanism in place for consumers to seek compensation for loss, inconvenience and such things as expenses incurred as a result of hiring legal representation when an adviser and/or their company have failed you on some level.
Chartered Financial Planner
This adviser holds the Chartered Financial Planner status which is the highest level of qualification for Financial Advisers who have trained in the UK. Chartered status is provided by the Personal Finance Society arm of the Chartered Insurance Institute. To have authorised use of the designation, the holder must meet education, examination, experience and ethics requirements on an annual basis.
Certified Financial Planner
This adviser holds the Certified Financial Planner (CFP) designation which is a professional certification mark for financial planners from the Certified Financial Planner Board of Standards in the USA, and by 25 other organisations affiliated with Financial Planning Standards Board, the international owner of the CFP mark outside of the USA. To have authorised use of the designation, the candidate must meet education, examination, experience and ethics requirements on an annual basis. In the UK, the CFP designation is available to financial planners through membership of the Institute of Financial Planning.