The advisers will have a minimum qualification level of APFS, designating six or more AFPC qualifications and will operate a totally transparent system of remuneration. The scheme will be piloted initially in London and Bristol early next year, before being offered nationwide. The PFS is an amalgamation of the Life Assurance Association (LIA) and Society of Financial Advisers (SOFA) and will become effective from 1 January next year.
PFS chairman Bob Bullivant said: “We are delighted to be entering into this agreement with the USS, at this early stage in the PFS’s development.
“It is a strong gesture of confidence in our members and emphasises the importance of training and qualifications for financial advisers – and the opportunities that these will bring - in the modern financial marketplace. It also demonstrates that membership of a professional body and standards required through the code of conduct is in demand”
USS Ltd communications manager, Colin Busby said: “Our agreement with the PFS reflects the complexity of financial planning for private individuals and their need for quality advice. By selecting the PFS’s highest qualified members, we hope that we can help our members plan secure futures in their retirement.”