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New rules for investment advisers

The Financial Services Authority has announced that all investment advisers, including those employed by banks and insurance companies, must hold accreditation from 2013.

The new policy comes after a lengthy review by the City watchdog which aims to boost public confidence in financial advice.

Under the rules, independent advisers and those working for institutions will require a Statement of Professional Standing in order to operate in the UK.

The accreditation will be managed by FSA-licensed organisations, and will ensure that advisers sign up to a code of ethics, are fully qualified and have up-to-date knowledge.

It should ensure that advisers "act in the public interest," according to the watchdog.

Sheila Nicoll from the FSA said: "Rebuilding trust between customer and adviser is absolutely vital for the future prosperity of the retail investment market."

Copyright © Press Association 2011

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