British Standard BS 8577 for financial planning firms
Our continual quest to deliver excellent financial planning advice and customer service saw us embark on our journey towards accreditation to the new British Standard in financial planning in November 2011.
Now, almost one year on, we have achieved what seemed like a pipe dream – and have the most robust and rigorous business practice and customer service model in place.
Against a backdrop of low consumer confidence in the financial services business we wanted to illustrate that we were different. That we operate with the highest levels of integrity and professionalism. We knew that we did, and hopefully our clients did too, but what better way to help reassure potential new clients than by attaining a British Standard?
What’s all the fuss about?
A British Standard is a globally recognised stamp of approval from an independent professional body that demonstrates an organisation has implemented best practice processes, procedures and policies, and is best placed to deliver superior customer service.
That sounded good to us. So we set out for Justin to become accredited to the existing International and British Standard for Personal Financial Planners – BS ISO 22222 – and for the business to become the first firm certified to BS 8577 – the long awaited British Standard for financial planning and advisory firms.
On 4th October 2012 we underwent an all day assessment with Standards International, the UK’s leading UKAS accredited certification body, and achieved an amazing double accolade. Michelle Hoskin, Business Development Director, 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.
“Managing director Justin King 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 Standard was developed by industry experts and consumer organisations including Which? who are staunch supporters of the Standard.
Boosting consumer trust
We hope this new British Standard helps potential clients feel reassured about their choice of financial planner, as there is no better stamp of approval than a British Standard. And to be awarded two – one for Justin’s financial advising ability and one for the firm’s best practice infrastructure and processes – is wonderful.
The media seem to agree. We hope you do too.