Financial services needs standards watchdog, says ICAEW

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The economic downturn has highlighted the need for an independent professional standards board to raise the level of professionalism in the retail finance sector, according to the Institute of Chartered Accountants in England and Wales (ICAEW.)

The retail finance sector should be answerable to a professional standards board, said ICAEW's Michael Foot recently. "The current model is clearly broken, as evidenced by the fact that there is no consumer confidence in financial services generally", he said.

He suggested that this board would provide the public with a register of qualified financial advisers who would have to adhere to a set code of ethics and a rigorous and actively monitored continuing professional development regime.

Membership of the board could be facilitated via indivi...

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