Skip to main content
Personal Finance Professional – setting standards and guiding the profession - return to the homepage Personal Finance Professional logo
  • Search
  • Visit Personal Finance Professional on Instagram
  • Personal Finance Professional on Twitter
  • Visit @PersonalFinanceSociety on Facebook
Visit the website of the Chartered Insurance Institute Logo of the Chartered Insurance Institute

Main navigation

  • Home
  • News
  • News analysis
  • Features
  • Study room
  • Opinion
  • PFS Radio
  • Digital magazine
Quick links:
  • Home
  • Personal Finance Professional Issues
  • AUTUMN 2022
Opinion
Advice process

President's opinion - rising to the challenges

Share on
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print
Open-access content Sarah Lord — Friday 7th October 2022
ys4

Sarah Lord reflects on her term as PFS president 

As I come to the end of my term as president of the Personal Finance Society (PFS), it is clear that the wider economic challenges that have characterised the last two years are far from behind us. The financial services sector was not untouched by pandemic upheavals, with PFS members and their clients facing incredible challenges as they fought for their livelihoods. Throughout, I was proud of the tremendous resilience shown by our profession.

The theme of my presidency has been to build a strong and sustainable profession; and the PFS members have demonstrated that they can meet extraordinary difficulties with extraordinary fortitude.

With challenging times ahead, the importance of the financial planning and advice profession is even more acute. People must be able to easily access secure, reliable, accredited and expert advice from PFS members.

From the onset of the pandemic, the PFS rapidly adapted, connecting virtually and weathering its impacts – something we must continue to do as the cost-of-living crisis intensifies. Alongside this need to adapt, we sought to solidify the PFS as the pre-eminent organisation for the financial planning profession, while clearly defining our members’ work from that of the general insurance profession. Carving out our niche, playing to our strengths and distinguishing our professional services is important, as it helps improve how the society works for its members and their clients.

Significant challenges

During my presidency, important strategic considerations came on top of careful, committed work to address significant challenges regarding the PFS executive function and its relationship with the Chartered Insurance Institute (CII). I have been very conscious of the disquiet among members about the state of this relationship and of the issues with professional exams. The exam services provided to members have not been to the basic standard they should expect. This cannot continue. I know how important the smooth, reliable provision of vital exams is to members’ professional futures, and we continue to work with the CII to urgently resolve these issues and ensure that services are of the high quality that members require.

The PFS board feels it is crucial to clarify our self-determination and build a positive, mutually beneficial relationship with the CII that reinforces the unique function of the financial planning sector. This must be underpinned by a new, empowered executive function, advocating above all for PFS members’ interests.

It has been an honour to serve as a PFS director for the last six years

High standards

I continue to have total confidence in the professional standing of the sector and I know that it will become even more important as outside shocks pose greater risks to household and business finances. I know the PFS will ensure that as these challenges mount, people can access ever more reliable, transparent, effective advice and services, accredited to the highest standards, from our membership.

It has been an honour to serve as a PFS director for the last six years, so I am pleased to stay on the board as an observer and, while my two years as president have not been without challenges, I am certain that the Society is in a strong position going forward.

Sarah Lord is president of the Personal Finance Society

Image credit | Luke Waller

Linked PFP_Autumn 2022.jpg
This article appeared in our AUTUMN 2022 issue of Personal Finance Professional .
Click here to view this issue

You may also be interested in...

ytf

Staying afloat

With the current cost-of-living crisis affecting most people across the UK, financial advisers have a huge opportunity to show their value, as Liz Booth reports
Friday 7th October 2022
Open-access content
g

ADVERTISEMENT: Retirement - Stick or twist?

Guy Anderson of JUST discusses the risk of doing nothing in retirement
Friday 7th October 2022
Open-access content
gc

Future planning

Kerry Drysdale examines the benefits of using a cashflow tool in supporting goals-based financial planning
Friday 7th October 2022
Open-access content
gch

Membership - Looking ahead

Mark Hutchinson reveals what members can look forward to at the end of this year
Friday 7th October 2022
Open-access content
web_Finance-woman-working-with-money-and-documents_credit_iStock-1320094149.jpg

MINI BUDGET – HOW ARE CLIENTS AND ADVISERS AFFECTED?

John Woolley of Technical Connection provides key takeaways from the government’s mini-Budget (update)
Wednesday 28th September 2022
Open-access content
hx

Consumer Duty - Get ready

William Marshall highlights five things financial advisers should do now to prepare for the Consumer Duty
Friday 7th October 2022
Open-access content
Filed in
Opinion
Also filed in
Advice process
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

BECOME A MEMBER

BECOME A MEMBER

SUBSCRIBE TO PRINT

SUBSCRIBE TO PRINT
PFP
​
FOLLOW US
Twitter
LinkedIn
Youtube
CONTACT US
Tel: +44 (0) 20 7880 6200
Email
Advertise with us
​

About the PFS

About us
Membership
Qualifications
Events

PFP magazine

Digital magazine
Podcasts
Blog
News

General Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Write for PFP Magazine
Want to receive PFP Magazine
Not a member but interested in knowing more? Click here.

© 2023 • PFP Magazine is published by Redactive Media Group. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ