BS 8577:2012

This standard BS 8577:2012 Framework for the provision of financial advice and planning services. Specification is classified in these ICS categories:

• 03.060 Finances. Banking. Monetary systems. Insurance

This British Standard specifies requirements for organizations offering financial advice and planning services.

It applies to organizations or departments offering personal, corporate or business financial advice and/or planning services (e.g. distribution organizations, banks, building societies, whether independent or restricted) which operate, where applicable, within a regulated environment and recognized redress system. It is intended for implementation throughout the organization. It provides a structure to assist organizations in creating an environment that enables its personal financial planners (regardless of their employment status) to comply with the requirements of BS ISO 22222.

NOTE Examples of recognized redress systems are those operated by the Financial Ombudsmen Service and the Financial Services Compensation Scheme (FSCS).

For organizations that do not offer personal financial planning services as outlined in BS ISO 22222, this British Standard provides an operational framework against which they can be assessed.