The qualifications to look out for when looking for a Financial Advisor or Debt Management firm

03 April 2014 - Which Way To Pay

    



What qualifications do you need to offer debt management or financial advice?

There was a big shake up in government rules concerning financial advice at the end of 2012. What has changed though and how do you know that your financial advisor is qualified? In December 2012 some big changes took place to the financial advice industry called the ‘Retail Distribution Review.’ These not only impact how, where and who you can get money advice from but also how you pay for it.

What qualifications do debt management companies need to offer advice?

The qualifications a Financial Advisor or Debt Management Consultant needs to be able to offer FCA financial advice also changed on 31st December 2012. This was to raise the standards of the advice on offer and to ensure that you make an informed choice when you are looking to seek financial advice. Financial Advisors now need to receive an annual Statement of Professional Standing (SPS) certificate to prove that they are meeting the professional standards required by the FCA.

Is there anything else you should look out for when choosing a Debt Management Company?

Financial Advisors will also need to sign up to the FCA code of practice, hold higher standard qualifications to give financial advice and spend a minimum of 35 hours a year completing a training programme to continue their professional development. This will be monitored closely by the FCA and independent bodies issuing SPS certificates.

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