We’ve already explained how to check that your financial adviser is authorised and the reasons why that is important.
You should also check what qualifications your adviser has, particularly where you need specialist advice, which requires certain specific qualifications. The Business Card that your adviser provides you at your first meeting, should include certain letters after the adviser’s name, which will indicate their qualification status.
Here are details of the many qualifications held by the Christina Clegg Financial Planning Services team:
Christina Clegg – Dip PFS EFA
Christina holds a Dip PFS, a Level 4 Diploma in Financial Planning, which is the main financial adviser qualification gained through the Chartered Insurance Institute (CII).
In order to achieve Dip PFS status, an adviser is required to pass a number of examinations in specific areas including:
R01 Financial Services, regulation and ethics
J602 Investment principals and risk
R03 Personal taxation
R04 Pensions and retirement planning
R06 Financial planning practice
Once you are qualified, you then need to achieve Competent Adviser Status, where you are required to demonstrate that you are able to provide advice in a competent manner, achieved through assessment. Once you have achieved Competent Adviser Status, you are issued with a Statement of Professional Standing (SPS), which is the certificate required to provide financial advice.
So, you can request to see an advisers SPS, if you want to be certain of their qualification. An SPS is renewed annually. In order to qualify for renewal an advisor must be able to demonstrate to their authorising body (i.e. the CII in Christina’s case), that they have undertaken a certain amount of Continuous Professional Development (CPD), which means that they have continued to learn and update themselves on changes to regulations and advice standards throughout the year and maintained their Competent Status.
Christina is a Member of the Chartered Insurance Institute.
Christina is also a Member of the Personal Finance Society.
Mhairi Flynn – Paraplanner
Mhairi is a qualified Paraplanner she holds a Level 4 Certificate in Paraplanning as well as a Level 4 Diploma in Financial Planning, although she doesn’t provide advice to clients.
In addition Mahairi has a degree in Business & Management
Phil Clegg – BA (Hons)
Phil is not client facing, but deals with Business Management, including Risk and Compliance. Phil holds the following qualifications:
Bachelor of Arts (Honours) degree – 1988
R01 Financial Services, regulation and ethics
CF6 Mortgage Advice (CII Level 3 Certificate in Mortgage Advice)
