ISO 22222
Achieving a competitive edge
Agenda
• Who are Standards International.
• An introduction to ISO 22222.
• Benefits – Financial planner and Consumer.
• S...
Who we are
• Established in June 2007 (Pilot Scheme launched in April
2006).
i f i• Pioneers of Best Practice.
• Leaders i...
What are ISO Standards?
• International Standards Organisation
• Demonstrate the ability to consistently provide a• Demons...
Why have Standards?
• The CE Mark• The Kitemark
• Identify and meet the needs and expectations of its
• They help business...
Why have an ISO standard for financial planners?
ISO 22222 – An Insight
• Enables consumers to identify financial planners who• Enables consumers to identify financial pla...
Financial Planner - Benefits
• Improved performance.
Simplified and effective processes and• Simplified and effective proc...
Consumer Benefits
• Receive a value added service.
• Assurance of quality through independent third-q y g p
party certific...
ISO 22222 – The Six Steps
1. Establishing and defining the client and personal financial
planner relationshipp p
2. Gather...
Information Security
• Information is an asset – protect it.
• FSA’s Data Security recommendations.
• CIA – Confidentialit...
Implementing Information Security
• Identify threats and weaknesses.
• Review security – building personnel IT• Review sec...
Business Continuity
Business Continuity Management
Holistic management process that identifies potentialHolistic managemen...
Ethics
“ISO 22222 requires a high level of knowledge and
competency and factors in TCF through compliance
i d t hi h thi l...
Behaving with integrity
The 10 Key Ethical Principles
• Putting clients interests first.
• Behaving with integrity.
• Exer...
Continual Improvement
• PDCA – Plan, Do, Check & Act
• Client feedback – Positive/negative
CPD E b d f i li• CPD – Embed p...
ISO & The Regulatory Landscape
Michelle Hoskin
Where does ISO 22222 fit in with theWhere does ISO 22222 fit in with the
current and future landscape?
Consultation Paper ...
Key Themes - Proposals
1. Improve the clarity with which firms describe their
services to clients.
2. Address the potentia...
Key Themes - Proposals
1. Improve the clarity with which firms describe their
services to clients.
Description of advice
s...
Key Themes - Proposals
2. Address the potential for adviser remuneration to
distort consumer outcomes.
Introduction of
Adv...
Key Themes - Proposals
3. Increase the professional standards of advice.
More focus on
setting, monitoring
and enforcing
I...
Key Themes – Proposals cont…
3. Increase the professional standards of advice.
Increase in quality
and control over
CPD ac...
ISO 22222 - Key Differentiators
1. All about Best Practice – not just about regulatory
adherence.
2. The rules coming out ...
Adviser Quotes
“Going through the ISO process has enabled us to look at our
business in way never before possible, the net...
The Certification ProcessEligibility
Training
Gap Analysis
I l t ti
Pre-Assesment (optional)
Implementation
Pre Assesment ...
Funding – What are you entitled to?
• Regional.g
• Sector.
• Training and Gap Analysis workshops.
• The process.
How do you access funding?
Eastern Region
• Leadership and Management.
R i l f di• Regional funding.
Leadership and Management
• Funded by Learning Skills Council.
• Up to £1000 of funding for Leadership and
Management trai...
Eligibility
A company with 5 to 249 employees• A company with 5 to 249 employees.
• Owner/Director/Senior manager.
• Not h...
Application Process
• Notify Standards International of funding request.
Complete on line application• Complete on-line ap...
Regional Funding - Beyond 2010
• Funded by EEDA and the European Social Fund.
• Up to £10,000 of matched funding.
• 10 sec...
Beyond 2010
• Notify Standards International of funding request.
Complete application• Complete application.
• Individual ...
Sponsor - Locktons
Umesh Puri & Richard Turnball
Any Questions?
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ISO 22222 - Achieving A Competitive Edge Presentation 2010

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Achieving a competitive edge is the only was to stay ahead. ISO 22222 supports this by allowing professional planners to differentiate and raise the bar for the benefit of themselves and their clients.

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ISO 22222 - Achieving A Competitive Edge Presentation 2010

  1. 1. ISO 22222 Achieving a competitive edge
  2. 2. Agenda • Who are Standards International. • An introduction to ISO 22222. • Benefits – Financial planner and Consumer. • Six steps of financial planning.Six steps of financial planning. • Key points. • ISO 22222 and the regulatory landscape• ISO 22222 and the regulatory landscape. • The Certification Process. Funding• Funding. • Presentation by Locktons. Q i &• Questions & Answers
  3. 3. Who we are • Established in June 2007 (Pilot Scheme launched in April 2006). i f i• Pioneers of Best Practice. • Leaders in the market place. • UKAS Accredited Certification Body – assessed every 6 months. • Internationally recognised and followed• Internationally recognised and followed. • Independent and impartial. • We work with the professions leading advisers.
  4. 4. What are ISO Standards? • International Standards Organisation • Demonstrate the ability to consistently provide a• Demonstrate the ability to consistently provide a product or service that meets customer requirements. • Addresses customer satisfaction through the effective application of the system, developing processes for continual improvement and the prevention of errors andcontinual improvement and the prevention of errors and mistakes.
  5. 5. Why have Standards? • The CE Mark• The Kitemark • Identify and meet the needs and expectations of its • They help businesses to: • Identify and meet the needs and expectations of its customers and other interested parties, i.e. employees, suppliers, owners, societies, to achieve a competitive ad antage and to do this in an effecti e and efficientadvantage and to do this in an effective and efficient manner. • Achieve, maintain and improve overall performance and capabilities.
  6. 6. Why have an ISO standard for financial planners?
  7. 7. ISO 22222 – An Insight • Enables consumers to identify financial planners who• Enables consumers to identify financial planners who possess the right knowledge, skills, ethics and experience to deliver their desired level of service. • Codifies best practice in financial planning from across the world and as a result will help toacross the world, and as a result will help to increase consumer confidence.
  8. 8. Financial Planner - Benefits • Improved performance. Simplified and effective processes and• Simplified and effective processes and documentation. • Standardisation of good working practices. • Improved communication. • Promotes awareness of quality, professionalism, better public awareness and public imagebetter public awareness and public image. • Improved sales and marketing opportunities. • Exemption from the CII AF5 module.p • Reduced risk = potential reduced insurance costs. • Improved compliance - Supports regulatory i trequirements.
  9. 9. Consumer Benefits • Receive a value added service. • Assurance of quality through independent third-q y g p party certification. • Assurance that regulatory requirements are being adhered to and monitoredadhered to and monitored. • Evidence that continual improvement and their needs are core to the business. • Confidence that the adviser has the right level of knowledge and skills to deliver their desired level of service.se ce Raising the standards…
  10. 10. ISO 22222 – The Six Steps 1. Establishing and defining the client and personal financial planner relationshipp p 2. Gathering client data & determining goals and expectations. 3. Analysing and evaluating the client’s financial status. 4. Developing and presenting the financial plan. 5. Implementing the financial planning recommendations. 6 M it i th fi i l l d th fi i l l i6. Monitoring the financial plan and the financial planning relationship.
  11. 11. Information Security • Information is an asset – protect it. • FSA’s Data Security recommendations. • CIA – Confidentiality, Integrity and Availability. Identify threats Internal external accidental and• Identify threats – Internal, external, accidental and malicious. l l l d f• Implement controls – Policies, procedures, software and hardware functions.
  12. 12. Implementing Information Security • Identify threats and weaknesses. • Review security – building personnel IT• Review security – building, personnel, IT. • Review contracts – Client, suppliers. • Establish who has access to your data?y • Mobile media – Blackberry’s, USB sticks. • Encryption devices.
  13. 13. Business Continuity Business Continuity Management Holistic management process that identifies potentialHolistic management process that identifies potential threats to an organisation and the impacts to business operations that those threats, if realised, i ht d hi h id f k fmight cause, and which provides a framework for building organisational resilience with the capability for an effective response that safeguards the interests of key stakeholders, reputation, brand and value-added activities. Definition: BS 25999-1:2006
  14. 14. Ethics “ISO 22222 requires a high level of knowledge and competency and factors in TCF through compliance i d t hi h thi l t d d It i thissues and expects very high ethical standards. It is the only such requirement for financial planners/advisers to explicitly ask clients if they would like to invest taking into account socially responsible, ethical or religious beliefs” Source: Robin Keyte, ISO 22222 Certified, CFP Certified and Chartered Financial Planner Source: (Financial Adviser 08th May 2008)
  15. 15. Behaving with integrity The 10 Key Ethical Principles • Putting clients interests first. • Behaving with integrity. • Exercising due care and diligence. • Working within regulatory and legislative frameworks. • Carefully and comprehensively managing conflicts of interest. C i ti i l d i t• Communicating in a clear and appropriate manner. • Providing suitable and objective recommendations. • Making all material disclosures. • Protecting client confidentiality. • Demonstrating and maintaining appropriate competence.
  16. 16. Continual Improvement • PDCA – Plan, Do, Check & Act • Client feedback – Positive/negative CPD E b d f i li• CPD – Embed professionalism
  17. 17. ISO & The Regulatory Landscape Michelle Hoskin
  18. 18. Where does ISO 22222 fit in with theWhere does ISO 22222 fit in with the current and future landscape? Consultation Paper – CP09/31 Delivering the Retail • Three key documents to review: Consultation Paper – CP09/31 Delivering the Retail Distribution Review (December 2009). Policy Statement # 1 – 10/6 Distribution of retailPolicy Statement # 1 – 10/6 Distribution of retail investments (March 2010). Delivering the RDR: Professionalism CP10/14 (June 2010)Delivering the RDR: Professionalism CP10/14 (June 2010). • Key Objective: Forcing best business principles to professionals who primarily are seen as doing a job.
  19. 19. Key Themes - Proposals 1. Improve the clarity with which firms describe their services to clients. 2. Address the potential for adviser remuneration to distort consumer outcomes; anddistort consumer outcomes; and 3. Increase the professional standard of advice.
  20. 20. Key Themes - Proposals 1. Improve the clarity with which firms describe their services to clients. Description of advice services (Independent Clarity of - Scope of service, service level b hor restricted). agreements, brochures, marketing, website, personal profile, company letters and literature. Plus: client authorisationPlus: client authorisation.
  21. 21. Key Themes - Proposals 2. Address the potential for adviser remuneration to distort consumer outcomes. Introduction of Adviser Charging. Undervaluing knowledge, wisdom and experience. fValue of services delivered, what is charged for and when, clarity of message Setting your own and literature. Ongoing services!. H l l t d f i ! Setting your own charging tariffs. How calculated, fair! Individual adviser Targets, KPI’s (quality)Individual adviser remuneration. Targets, KPI s (quality) and pay structure.
  22. 22. Key Themes - Proposals 3. Increase the professional standards of advice. More focus on setting, monitoring and enforcing In-depth assessment methods, scope of service understoodand enforcing standards of competence and ethical behavior service understood, competence and CPD activity aligned. ethical behavior. Need to “prove” i iti l d i Assessment report and f db k i d d tlinitial and ongoing competence. feedback, independently assessed annually!
  23. 23. Key Themes – Proposals cont… 3. Increase the professional standards of advice. Increase in quality and control over CPD activity How selected, recorded and implemented. CPD activity. Increase level of qualification to QCF Already a requirement of eligibilityqualification to QCF Level 4. Vi ibl dh t th of eligibility. Ethi l i i lVisibly adhere to the required ethical standards. Ethical principles assessed and evidenced.
  24. 24. ISO 22222 - Key Differentiators 1. All about Best Practice – not just about regulatory adherence. 2. The rules coming out now were already introduced in 2000 with the ISO. 3. Supports your existing compliance provision. 4 Id i ' i i f i d4. Identity's opportunities for improvement – good business principles (IS, BC, CI). 5 Id tit ' t iti t i d b i5. Identity's opportunities to improve – good business principles. 6 Not limited to UK rules – internationally recognised6. Not limited to UK rules – internationally recognised and respected.
  25. 25. Adviser Quotes “Going through the ISO process has enabled us to look at our business in way never before possible, the net result for the consumer is a more efficient and transparent processthe consumer is a more efficient and transparent process in receiving holistic financial planning advice” Andrew Reeves, The Investment Coach LimitedAndrew Reeves, The Investment Coach Limited “ISO 22222 certification process was the best availablep overall assessment of knowledge, competency and fair customer treatment” Robin Keyte director of Towers of TauntonRobin Keyte, director of Towers of Taunton
  26. 26. The Certification ProcessEligibility Training Gap Analysis I l t ti Pre-Assesment (optional) Implementation Pre Assesment (optional) Assessment Certification Awarded Quality Review Audit Certification Awarded
  27. 27. Funding – What are you entitled to? • Regional.g • Sector. • Training and Gap Analysis workshops. • The process.
  28. 28. How do you access funding? Eastern Region • Leadership and Management. R i l f di• Regional funding.
  29. 29. Leadership and Management • Funded by Learning Skills Council. • Up to £1000 of funding for Leadership and Management training. • The first £500 is 100% funded. • A further £500 as matched funding.
  30. 30. Eligibility A company with 5 to 249 employees• A company with 5 to 249 employees. • Owner/Director/Senior manager. • Not have accessed L&M since October 07. • One provision per company - ONE bite of the cherry.
  31. 31. Application Process • Notify Standards International of funding request. Complete on line application• Complete on-line application. • Individual Training Assessment and Personalg Development Plan. • Confirm T & G workshop attendance and payConfirm T & G workshop attendance and pay invoice. • Complete evaluation and gain submit paid invoice.Complete evaluation and gain submit paid invoice. • Funding provided once training ends and above provided – payment within 30 days.provided payment within 30 days.
  32. 32. Regional Funding - Beyond 2010 • Funded by EEDA and the European Social Fund. • Up to £10,000 of matched funding. • 10 sectors eligible – Financial services eligible. • Eligibility – up registered company up to 250 staff. Can be used in conjunction with the Leadership and• Can be used in conjunction with the Leadership and Management Funding programme.
  33. 33. Beyond 2010 • Notify Standards International of funding request. Complete application• Complete application. • Individual Training Assessment and Personal Development PlanDevelopment Plan. • Confirm T & G workshop attendance and pay invoice. • Complete evaluation and submit paid invoice. • Funding provided once training ends and above provided – payment within 30 days.
  34. 34. Sponsor - Locktons Umesh Puri & Richard Turnball
  35. 35. Any Questions?

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