BS 8577-2012 Framework for the provision of financial advice and planning services Specification《金融建议和计划编制业务条款用框架 规范》.pdf

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1、raising standards worldwideNO COPYING WITHOUT BSI PERMISSION EXCEPT AS PERMITTED BY COPYRIGHT LAWBSI Standards PublicationBS 8577:2012Framework for the provisionof financial advice andplanning services SpecificationPublishing and copyright informationThe BSI copyright notice displayed in this docume

2、nt indicates when the documentwas last issued. The British Standards Institution 2012Published by BSI Standards Limited 2012ISBN 978 0 580 75731 0ICS 03.060The following BSI references relate to the work on this standard:Committee reference SVS/6/1Draft for comment 12/30248292 DCPublication historyF

3、irst (present) edition, April 2012Amendments issued since publicationDate Text affectedBS 8577:2012 BRITISH STANDARDContentsForeword ii0 Introduction 11 Scope 12 Normative references 13 Terms and definitions 14 Overarching principles 35 Management responsibilities 46 Objectives 57 Policies 58 Operat

4、ional framework for organizations delivering financial advice andplanning services 69 Control of documents and records 710 Recruitment, training, development and ongoing competence 811 Customer relationship management 9AnnexesAnnex A (informative) Example of a management review process 10Annex B (in

5、formative) Example of an operational framework 12Bibliography 14List of figuresFigure B.1 Example of an operational framework 13Summary of pagesThis document comprises a front cover, an inside front cover, pages i to ii,pages 1 to 14, an inside back cover and a back cover.BRITISH STANDARD BS 8577:20

6、12 The British Standards Institution 2012 iForewordPublishing informationThis British Standard is published by BSI Standards Limited, under licence fromThe British Standards Institution, and came into effect on 30 April 2012. It wasprepared by Subcommittee SVS/6/1, Financial Planning, under the auth

7、ority ofTechnical Committee SVS/6, Financial Services. A list of organizations representedon this committee can be obtained on request to its secretary.Presentational conventionsThe provisions of this standard are presented in roman (i.e. upright) type. Itsrequirements are expressed in sentences in

8、which the principal auxiliary verb is“shall”.Commentary, explanation and general informative material is presented insmaller italic type, and does not constitute a normative element.Contractual and legal considerationsThis publication does not purport to include all the necessary provisions of acont

9、ract. Users are responsible for its correct application.Compliance with a British Standard cannot confer immunity from legalobligations.BRITISH STANDARDBS 8577:2012ii The British Standards Institution 20120 IntroductionConsumers are increasingly expected to make provision for their own financialwell

10、being; for most this means they require professional help. BS ISO 22222already sets the standard for personal financial planners. This British Standardhas been developed to help organizations establish an operational frameworkto support the consistent delivery of their financial advice and planning

11、servicesto meet customers needs.Organizations seeking assurance of conformity to this British Standard maychoose to undergo conformity assessment by an independent accreditedthird-party certification body which is accredited to the requirements set out inBS EN ISO/IEC 17024 and BS EN 45011 (ISO/IEC

12、Guide 65)1).1 ScopeThis British Standard specifies requirements for organizations offering financialadvice and planning services.It applies to organizations or departments offering personal, corporate orbusiness financial advice and/or planning services (e.g. distribution organizations,banks, buildi

13、ng societies, whether independent or restricted) which operate,where applicable, within a regulated environment and recognized redresssystem. It is intended for implementation throughout the organization. Itprovides a structure to assist organizations in creating an environment thatenables its perso

14、nal financial planners (regardless of their employment status) tocomply with the requirements of BS ISO 22222.NOTE Examples of recognized redress systems are those operated by the FinancialOmbudsmen Service and the Financial Services Compensation Scheme (FSCS).For organizations that do not offer per

15、sonal financial planning services asoutlined in BS ISO 22222, this British Standard provides an operationalframework against which they can be assessed.2 Normative referencesThe following documents, in whole or in part, are normatively referenced in thisdocument and are indispensible for its applica

16、tion. For dated references, onlythe edition cited applies. For undated references, the latest edition of thereferenced document (including any amendments) applies.BS ISO 22222:2005, Personal financial planning Requirements for personalfinancial planners3 Terms and definitionsFor the purposes of this

17、 British Standard, the following terms and definitionsapply.3.1 auditsystematic review to determine whether the activities of the organization areimplemented effectively and are suitable for achieving the organizations policyand objectives1)EN ISO/IEC 17065 is currently in development and when publi

18、shed will supersedeBS EN 45011.BRITISH STANDARD BS 8577:2012 The British Standards Institution 2012 13.2 boardgroup of people constituted as the decision-making body of an organizationNOTE This can include partnerships, limited companies and other organizationalstructures.3.3 consumerperson or corpo

19、rate body that is a potential user of a product or service3.4 cultureset of shared attitudes, values, goals and practices, which characterize aninstitution, organization or group3.5 customerend user of goods or servicesNOTE This can include a prospect or client.3.6 documentset of templates which may

20、 include checklists, forms and tables, which are readyfor use3.7 fiduciarylegal or ethical relationship of confidence or trust between two or more parties3.8 financial advice and planningadvice to fulfil a specific customer requirement and holistic planning service toestablish customer longer term a

21、ims and objectivesNOTE These activities can be carried out by both financial advisers and financialplanners.3.9 operational frameworkframework including a set of interrelated or interacting elements, i.e. policies,procedures and documents, to establish and maintain the efficiency of anorganization3.

22、10 organizationgroup of people and facilities with an arrangement of responsibilities,authorities and relationshipsNOTE This can include a firm, practice or business.3.11 outsourcingcontracting out a process that the organization needs for its operationalframework and which the organization chooses

23、to have performed by anexternal provider3.12 personnelperson or group of people who perform duties on behalf of an organizationirrespective of their role and employment status3.13 recordset of completed checklists, forms and tables3.14 regularfrequency of review appropriate for the activity3.15 reso

24、urceasset, person, skill, information, premises, and supplies that an organization hasavailable to use, when needed, to operate and meet its objectivesBRITISH STANDARDBS 8577:20122 The British Standards Institution 20123.16 risksomething that might happen and its effect(s) on the achievement of obje

25、ctivesNOTE 1 The word “risk” is used colloquially in various ways, as a noun (“a risk” or,in the plural, “risks”), a verb (to risk something, or to put at risk), or as an adjective(“risky”). Used as a noun the term “a risk” could relate to either a potential event,its causes, the chance (likelihood)

26、 of something happening, or the effects of suchevents. In risk management it is important to make a clear distinction between thesevarious usages of the word “risk”.NOTE 2 Risk is defined relative to a particular objective; therefore, concern forseveral objectives implies the possibility of more tha

27、n one measure of risk withrespect to any source of risk.NOTE 3 Risk is often quantified as an average effect by summing up the combinedeffect of each possible consequence, weighted by the associated likelihood of eachconsequence, to obtain an “expected value”. However, probability distributions aren

28、eeded to quantify perceptions about the range of possible consequences.Alternatively, summary statistics, such as standard deviation, may be used in additionto expected value.BS 25999-2:20073.17 risk managementstructured development and application of management culture, policy,procedures and practi

29、ces to the tasks of identifying, analyzing, evaluating, andcontrolling response to riskBS 25999-2:20073.18 senior managementperson or group of people who direct and control an organization at thehighest level3.19 stakeholderperson, group or organization that affects or can be affected by anorganizat

30、ions actions4 Overarching principles4.1 GeneralOrganizations shall be able to demonstrate compliance with thefollowing nine principles, which have been designed to benefit and protect theinterests of the customer and all other parties. The organizational culture shallprovide an environment for all p

31、arties in which these principles are reflected.In addition, the organization shall require all personnel to comply withthe ten ethical principles as outlined in BS ISO 22222:2005, 5.2.4.2 TransparencyOrganizations shall conduct all their activities in a transparent manner.4.3 DisclosureOrganizations

32、 shall provide accurate and relevant information to all parties in aclear and concise manner.4.4 IntegrityOrganizations shall be honest, responsive, accountable and committed to actingresponsibly, reliably and fairly with all parties.BRITISH STANDARD BS 8577:2012 The British Standards Institution 20

33、12 34.5 Due care and diligenceOrganizations shall conduct all their activities with due care and diligence.4.6 AccessibilityOrganizations shall take all reasonable steps to ensure that the accessibilityneeds of all personnel and customers are addressed.4.7 ConfidentialityOrganizations shall take all

34、 reasonable steps to safeguard client confidentialityunless subject to regulatory and/or legal obligations.4.8 ProfessionalismOrganizations shall demonstrate adherence to all relevant rules and regulations,and shall commit to codes of conduct and professional standards.4.9 Conflicts of interestOrgan

35、izations shall disclose and fairly manage all conflicts of interest.4.10 CompetenceOrganizations shall ensure that all personnel have the necessary skills,knowledge and expertise relevant to their roles. In particular, organizations shallensure that all personal financial planners are able to demons

36、trate conformityto BS ISO 22222.5 Management responsibilities5.1 Management commitmentSenior management shall:a) commit to the adherence, management and maintenance of thisBritish Standard by appointing a member of the organization who shallhave responsibility and authority that includes:1) ensuring

37、 that the processes required to support the operationalframework and, where applicable, compliance with BS ISO 22222, areestablished, implemented, maintained and communicated; and2) reporting to senior management on the performance of the operationalframework and any suggestions and required improve

38、ments;b) establish and communicate business policies, plans and objectives thatsupport 5.1a), including the provision of reward and recognitionprogrammes that aid positive consumer outcomes;c) ensure the availability of adequate resources throughout the organizationto conform to the requirements of

39、this British Standard as a minimum;d) ensure that responsibilities and authorities are defined and communicatedthroughout the organization;e) communicate the importance of understanding and meeting customer needsas well as statutory, regulatory and contractual requirements throughoutthe organization

40、;f) designate one individual for the organization with sufficient seniority to beable to identify and deal with all risks which may arise;BRITISH STANDARDBS 8577:20124 The British Standards Institution 2012g) establish a due diligence process for the selection and review of suitablesoftware, tools a

41、nd any third party services, where applicable; andh) establish, implement and maintain an audit process to support theorganizations compliance with the requirements of this British Standard.NOTE For further guidance, see BS EN ISO 19011.5.2 Management reviewSenior management and relevant personnel s

42、hall review the organizationsoperational framework and compliance with this British Standard on a regularbasis.NOTE 1 This helps to ensure continuing suitability, adequacy and effectiveness inmeeting customer requirements.NOTE 2 See Annex A for an example of management review process good practice.T

43、he management review shall assess opportunities for improvement and change,and shall include, but need not be limited to:a) follow-up action(s) from previous management reviews;b) process performance and compliance;c) customer/stakeholder feedback;d) audit results;e) status of preventive and correct

44、ive actions;f) recommendations for improvement;g) customer service levels;h) adequate resources;i) external changes that could affect the operational framework andcompliance with this British Standard.Records from management reviews shall be maintained and shall include, butneed not be limited to, a

45、ny decisions and actions related to the above.6 ObjectivesSenior management shall ensure that objectives, including those needed to meetrequirements for the provision of financial advice and planning services, areestablished at relevant functions and levels within the organization.The objectives sha

46、ll be measurable and consistent with the organizationspolicies, and shall be reviewed on a regular basis.7 Policies7.1 GeneralThe strategic direction and purpose of the organization shall be established andapproved by the organizations board. It shall be set out in policies, which shallbe embedded t

47、hroughout the organization and reviewed on a regular basis.Policies shall include, but need not be limited to, the following:a) a quality policy outlining:1) a commitment to the fiduciary duty to the customer, as exemplified byBS ISO 22222; andBRITISH STANDARD BS 8577:2012 The British Standards Inst

48、itution 2012 52) the organizations commitment to quality in both internal and externalservice delivery;b) a risk management policy outlining the organizations approach toidentifying, assessing and responding to all strategic, operational, regulatoryand compliance risks, complaints and claims;c) an e

49、quality and diversity policy including the organizations commitment toequality and diversity, and to monitor and review compliance withlegislation (this includes carrying out an equality impact assessment on aregular basis);d) a health and safety policy outlining the importance, purpose and adoptionof health and safety within the organization including the completion of aregular risk assessment;e) a corporate social responsibility policy outlining the organizations approachto ensuring a positive impact of its activities on the environment,consume