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25 August 2015

The Personal Finance Society is launching accreditation for specialists in retirement planning and later life advice to meet increasing public demand.

Following the launch of the PFS consumer website ‘yourmoney’ earlier this year, which includes what they claim is the most authoritative adviser directory of its kind in the UK, the public will soon be able to refine their searches to show advisers who are specialists in these two key areas of financial planning.

Chief executive, Keith Richards commented: "Our consumer insight panel has been invaluable in helping us to better understand public perceptions of our sector and the importance of progressive refinements such as this. It forms part of a broad range of initiatives aimed at raising the profile and value of financial advice, which will also look to improve consumer confidence in the profession.

“The introduction of pension freedoms and the increased need for regulated advice has been accompanied by a rise in fraud, so it is essential we help protect the public whilst differentiating professional regulated advice."

In support of The Pensions Regulator’s and the Financial Conduct Authority’s campaigns on scams, the PFS want to make it easier for the public to be able to identify local advisers that can provide specialist retirement options advice.

Likewise, the Care Act has heightened the demand for later life advice experts, both directly from consumers as well as from local authorities seeking to discharge their responsibilities under the act.

To be accredited as later life advice and retirement options specialists, advisers will need to hold specific qualifications and commit to a level of CPD that goes beyond minimum regulatory requirements. They must also pass a later life orientation programme to help ensure they have the broad understanding of the technical and soft skills necessary to operate successfully in this market. Retirement options specialists will need to evidence an understanding of the very latest pension simplification landscape through enrolment on the CII's pensions update programme.

Mark Hutchinson, head of marketing at the Personal Finance Society added: "The yourmoney database features 22,000 professional advisers with independently-verified qualifications and statements of professional standing. This new initiative will enable the public to refine their search to find advisers who specialise in their salient area of interest."

PFS members will be able to opt-in for these specialisms through the ‘yourmoney’ website in Q4.

Further information, including eligibility criteria, will be made available to members during September via the PFS member website.