We are absolutely delighted that MFP Wealth Management has become the first financial planning firm in the UK to be awarded the new British Standard for financial planning firms, BS 8577.
This prestigious certification was hard earned!
It’s a double accolade for us as Justin has also been awarded the Personal Financial Planning Standard, ISO 22222 certification. ISO 22222 is the British and International Standard which enables consumers to identify financial planners who possess the right knowledge, skills, ethics and experience to deliver the desired level of service.
BS 8577 is the first framework for financial advice and planning services that specifies what a firm and its advisers and planners should be doing and how and when they should be doing it. It requires the consistent delivery of fair, transparent and professional interaction with clients and complements the ISO 22222 certification.
We have always been incredibly passionate about delivering a high quality service with the highest levels of integrity and professionalism. Now we have a best practice stamp of approval – a British Standard no less – from an independent third party certification body.
Standards International’s assessor spent a whole day on site with us interviewing the team about how we deliver advice, our policies and procedures, and how we deal with clients. She also reviewed files, looked through our policies, procedures and documentation, and generally got under the skin of how we operate.
So many consumers just don’t know who to trust when it comes to finding a financial adviser. We believe that BS 8577 will help consumers differentiate between the hundreds of IFA firms out there. Our clients can have confidence in our ability to consistently deliver a high quality of service because we are adhering to the incredibly high standards of professionalism and technical competence, backed up by robust systems and processes, that British Standard 8577 demands.
Michelle Hoskin, Business Development Director at Standards International, the UK’s leading UKAS accredited certification body who independently certified MFP said: “MFP Wealth Management is a fantastic example of a business that has gone that extra mile to ensure they are delivering an exceptional service to their clients. Justin and his team have pulled out all the stops to meet the criteria to be awarded both of these professional quality standards. It is a truly fantastic professional achievement. When dealing with a firm operating to this standard, it’s reassuring to know that clients can have confidence in their ability to deliver a high quality of service.”
The new standard was developed by industry professional experts and consumer representatives including Standards International, British Standards Institute (BSI) and Which? – who are strong advocates of the new standard.