BS 9222-2007 Personal financial planning - Guidance on the application of BS ISO 22222 and assessment of compliance《个人理财计划 BS ISO 22222的应用指南和服从评估》.pdf

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1、BS 9222:2007Personal financial planning Guidance on the application of BS ISO 22222 and assessment of complianceICS 03.060NO COPYING WITHOUT BSI PERMISSION EXCEPT AS PERMITTED BY COPYRIGHT LAWBRITISH STANDARDPublishing and copyright informationThe BSI copyright notice displayed in this document indi

2、cates when the document was last issued. BSI 2007ISBN 978 0 580 56278 5The following BSI references relate to the work on this standard:Committee reference SVS/6Draft for comment 06/30143813 DCPublication historyFirst published November 2007Amendments issued since publicationAmd. no. Date Text affec

3、tedBS 9222:2007 BSI 2007 iBS 9222:2007ContentsForeword iiIntroduction 11 Scope 32 Normative references 33 Terms and definitions 34 Assessment process 45 Ethics 56 Competence 77 Experience 108 Claiming conformity 10AnnexesAnnex A (normative) Specific requirements for competence of a personal financia

4、l planner with assessment and qualification notes 11Annex B (informative) Example of a code of ethics appropriate to a personal financial planner 25Annex C (informative) Example of a staged personal financial planning process 26List of tablesTable A.1 Key to assessment method codes used in Table A.2

5、 11Table A.2 Specific requirements for competence of a personal financial planner with assessment and qualification notes, from BS ISO 22222, Table 1 12Summary of pagesThis document comprises a front cover, an inside front cover, pages i and ii, pages 1 to 26, an inside back cover and a back cover.B

6、S 9222:2007ii BSI 2007ForewordPublishing informationThis British Standard is published by BSI and came into effect on 30 November 2007. It was prepared by Technical Committee SVS/6, Financial services. A list of organizations represented on this committee can be obtained on request to its secretary.

7、Relationship with other publicationsThis British Standard provides practical guidance on the implementation of BS ISO 22222.Use of this documentAs a guide, this British Standard takes the form of guidance and recommendations. It should not be quoted as if it were a specification and particular care

8、should be taken to ensure that claims of compliance are not misleading.Presentational conventionsThe word “should” is used to express recommendations of this standard. The word “may” is used in the text to express permissibility, e.g. as an alternative to the primary recommendation of the clause. Th

9、e word “can” is used to express possibility, e.g. a consequence of an action or an event.Notes and commentaries are provided throughout the text of this standard. Notes give references and additional information that are important but do not form part of the recommendations. Commentaries give backgr

10、ound information.Contractual and legal considerationsUsers attention is drawn to the existence of legislation or regulatory requirements that may over-ride some provisions of this British Standard. Up-to-date advice should be sought from appropriate regulatory authorities.This publication does not p

11、urport to include all the necessary provisions of a contract. Users are responsible for its correct application.Compliance with a British Standard cannot confer immunity from legal obligations. BSI 2007 1BS 9222:2007IntroductionISO 22222, Personal financial planning, published in the UK as BS ISO 22

12、222, codifies best practice across the world. However each country has its own particular regional and national requirements and the UK is no exception in this respect. The international standard has been written in such a way as to allow for such regional variations to the maximum extent possible a

13、nd this application and assessment standard has therefore been prepared to provide financial planners who operate in the UK and their assessors, with a common awareness of how the standard should be interpreted in the UK environment.The BSI technical committee (comprising practitioners, industry and

14、 consumer representatives) responsible for implementing the International Standard in the UK (SVS/6) has always recognized that the introduction of this standard will set a level higher than the appropriate examinations listed by the Financial Services Skills Council (FSSC) and currently required by

15、 the Financial Services Authority (FSA). Whilst the FSA has a statutory duty to protect consumers by ensuring minimum standards, BS ISO 22222 is aimed at financial advisers who are operating, or are able to operate, at a level well in excess of this regulatory benchmark. Because advisers working to

16、BS ISO 22222 will be operating, or will be able to operate, on a holistic financial planning basis it is appropriate to refer to them as “financial planners”. NOTE This standard follows uses the terms “consumer” and “client” as defined in BS ISO 22222.SVS/6 does not envisage that all currently autho

17、rized financial advisers will be able to immediately achieve the standard required by BS ISO 22222. Indeed, it has been estimated that less than 20% of advisers will initially be able to fulfil the requirements. Currently an FSA authorized financial adviser is required to have the skills and compete

18、nces necessary to be fit for purpose. This includes holding suitable qualifications or examination passes from the list maintained by the FSSC. However, financial planners intending to meet the requirements of this standard will need to operate at a higher level. This means that, whilst a financial

19、adviser in the UK is only required to hold (as a minimum) an appropriate qualification, a financial planner complying with BS ISO 22222 will be expected to hold a qualification that assesses financial planning knowledge at an advanced level. It is stressed that this will be in addition to demonstrat

20、ion of experience, skills and ethical behaviour as set out in the standard.It is worth noting that meeting the requirements of the standard does not in itself, confirm authorized status. An individual does not have to be a practising (FSA authorized) adviser to meet the requirements of the BS ISO st

21、andard, although in practice almost all will. Exceptions could be managers or trainers who have an advisory background but who are not currently actively advising.BS 9222:20072 BSI 2007It is expected that this application and assessment standard used in conjunction with BS ISO 22222, will enable fin

22、ancial planners intending to seek independent third party assessment in the UK, to tailor the application of the standard to the requirements of the UK financial environment and will assist bodies providing assessment services in the UK to apply a common standard appropriate to the needs of the UK m

23、arket.For a financial planning service to be delivered effectively, it is essential that consumers have confidence in their selected personal financial planner. BS ISO 22222 specifies the ethical behaviour, competences and experience required of a professional personal financial planner and this Bri

24、tish Standard provides guidance on its application to assist those seeking to establish themselves as competent professionals in this field and to facilitate uniform declaration of that competence in a manner that permits genuine, informed choice in making a selection from the personal financial pla

25、nners available to them.BS ISO 22222 describes and addresses the various methods of conformity assessment and specifies requirements applying to each of them. Conformity assessment of personal financial planners is a complex task requiring access to specialized knowledge, skills and experience. Ther

26、e is a view amongst consumers that accredited independent third-party certification provides the most reliable method of conformity assessment and thus protection for, consumers. Therefore, in preparing BS 9222, the members of SVS/6 have not only taken account of the need to promote a uniform approa

27、ch to the provision of independent third-party certification but have also prepared this British Standard in a manner that it believes will facilitate and support the assessment process, whether first-party, second-party or independent third-party, applied.The technical committee therefore recommend

28、s that those intending to work to, and those providing assessment services in relation to, BS ISO 22222 make use of the guidance provided in this standard in preparing working practices and in setting up and operating assessment schemes. Consumers can then have total confidence in seeking the servic

29、es of personal financial planners who can demonstrate that they work to BS ISO 22222 and particularly where they have undergone conformity assessment by independent third-party certification bodies which have been accredited as complying with the requirements set out in ISO/IEC 17024. BSI 2007 3BS 9

30、222:20071 ScopeThis British Standard provides guidance on the application of BS ISO 22222 to the provision of a personal financial planning service with particular relevance during preparation for independent third-party assessment. This standard also makes recommendation as to the most appropriate

31、methods of assessment of the procedures, ethical behaviour, competences and experience of individual financial planners including the extent to which academic or vocational qualification should be taken into account.Attention is drawn to the fact that BS ISO 22222 is applicable to all personal finan

32、cial planners regardless of their employment status and that this British Standard therefore has the same breadth of application.Because BS 9222 has been drafted for use in parallel with BS ISO 22222, this standard contains only summary of the requirements of BS ISO 22222 for the purpose of establis

33、hing unambiguous relationship between the requirements and related application/assessment guidance.2 Normative referencesThe following referenced documents are indispensable for the application of this document. For dated references, only the edition cited applies. For undated references, the latest

34、 edition of the referenced document (including any amendments) applies.BS EN ISO/IEC 17000, Conformity assessment Vocabulary and general principlesBS EN ISO/IEC 17024, General requirements for bodies operating certification systems of personsBS EN ISO/IEC 17050-1, Conformity assessment Suppliers dec

35、laration of conformity General requirementsBS EN ISO/IEC 17050-2, Conformity assessment Suppliers declaration of conformity Supporting documentsBS ISO 22222, Personal financial planning Requirements for personal financial planners3 Terms and definitionsFor the purposes of this document, the terms an

36、d definitions given in BS EN ISO/IEC 17000, BS EN ISO/IEC 17024 and BS ISO 22222, apply.BS 9222:20074 BSI 20074 Assessment process4.1 Summary of content BS ISO 22222, 4.1BS ISO 22222, 4.1 requires that the personal financial planning process include, but not be limited to, six defined steps that can

37、 be repeated throughout the client/personal financial planner relationship, as meets the needs of the client. The standard also requires that in providing clients with the service of personal financial planning, the personal financial planner shall use documented procedures governing response to and

38、 resolution of all client complaints and claims, and that those procedures shall be supported by financial, security, operational, risk management and business continuity plans.The six steps as defined in BS ISO 22222, 4.2 to 4.7, are: Establishing and defining the client and personal financial plan

39、ner relationship (4.2); Gathering client data and determining goals and expectations (4.3); Analysing and evaluating the clients financial status (4.4); Developing and presenting the financial plan (4.5); Implementing the financial planning recommendations (4.6); and Monitoring the financial plan an

40、d the financial planning relationship (4.7).4.2 Evidential review BS ISO 22222, Clause 44.2.1 General procedureDetermine by review of the documents relating to completed and ongoing engagements, that the six steps identified in 4.1 to 4.7 have been included in the process from the beginning of all f

41、inancial planning relationships and that the documented procedures required in 4.1 paragraph 2, exist and are readily accessible (an example of a staged personal financial planning process is provided as Annex C).NOTE It is recommended that not less than three engagements, selected at random by the

42、assessor, be reviewed.4.2.2 Specification4.2.2.1 Specification to BS ISO 22222, 4.2Specific attention is drawn to the requirement that in relation to the application of the “six step” procedure, the Personal Financial Planner is required to provide details of formal qualifications, experience and me

43、thod of supporting the declaration of conformity (see also Clause 8). BSI 2007 5BS 9222:20074.2.2.2 Specification to BS ISO 22222, 4.3Under section 4.3.2j) a financial planner is required to request such appropriate data that should include “attitudes to social, ethical, environmental and religious

44、considerations”. Whilst the regulatory environment in the UK already has a requirement for financial advisers and planners to know their clients and demonstrate the suitability of advice it is not always common practice that such advice takes due regards of these considerations. In recent years, how

45、ever, religious considerations have begun to assume greater significance. Two particular examples are relevant here. One Christian group successfully lobbied for amendments to the HMRC (Inland Revenue) pensions simplification proposals which led to the creation of a new concept the Alternatively Sec

46、ured Pension. Islamic Law is also having an impact on financial advice for a growing sector of the population and we are already seeing the development of bespoke Islamic finance qualifications and at least one other ISO country (Malaysia) has developed an annex to the ISO to cover Islamic requireme

47、nts.Whilst religion considerations are important, social, ethical and environmental issues are equally significant in the UK. Financial planners should therefore ensure that where a client expresses interest in these areas, that they have adequate processes in place to give appropriate advice. The U

48、nited Kingdom Social Investment Forum have produced a useful document entitled “Investing Responsibly”: a practical toolkit for financial advisers which planners may find useful in ensuring that they fulfil the ISO standard.4.2.2.3 Assessment to BS ISO 22222, 4.6In relation to 4.6.3, not withstandin

49、g the fact that the standard frames this as a recommendation, because of regulatory requirements in the UK it will be necessary that the assessor confirms that such documentation is available.5Ethics5.1 Summary of content BS ISO 22222, 5.1With regard to professional behaviour, BS ISO 22222 requires that a personal financial planner shall strive for conduct that reflects honourably upon the profession of personal financial planning and sets out key ethical principles that apply broadly to all aspects of a personal fin