The Personal Finance Society (PFS) has launched a new Good Practice Hub, as it seeks to provide its members with “enhanced good practice guidance”.
The body says sharing and applying good practice is a characteristic of all professions and believes with such a large membership, it is ideally placed to facilitate this process for the financial advice profession.
PFS president David Thomas said: “Within our sector there is evidence of many firms operating efficiently, compliantly and profitably. By sharing examples of good practice amongst our wider membership we can further raise standards and build our profession.”
The Hub was launched with its first Good Practice Guide, ‘Adviser research & due diligence on discretionary investment managers’. This guide, created in partnership with Diminimis, aims to provide clarity and guidance around the process of effective due diligence and research before appointing or working with a Discretionary Investment Manager (DIM).
Keith Richards, Personal Finance Society chief executive, said: “Due Diligence will continue to be a key area of regulatory focus and is therefore an area where good practice guidance can provide greater practical clarity for advisers.””
The launch of the Hub provides members with a central repository of resources to help benchmark and apply good practice. Further Good Practice Guides are in development and will be added to the Hub over the coming weeks.