The Institute of Financial Planning (IFP) has set up a consumer affairs committee to promote financial planning and education to the public in the wake of the retail distribution review (RDR).
The committee will be chaired by IFP independent directors Richard Antrum and Janet Walford, and aims to make the public more aware of financial planning and IFP-accredited firms.
IFP chief executive Nick Cann (pictured) said the committee had been created so the type of work done during Financial Planning Week, which included free financial surgeries, would continue all year round.
‘One of the areas that has become important is how we are dealing with consumers and education,’ he said.
Cann added that the profession needed to engage better with the general public. The new IFP committee will work with third parties on projects including financial education in schools.
‘We want more people to take ownership of what they are doing [with their finances] and [see] how they can improve themselves,’ he said.
‘We want to instil trust in consumers. We’ve been heavily involved in the Questions of Trust campaign. With the change that is coming, we want to be more proactive and get that message out.’