Glossary

Free first meeting

This firm will offer an initial meeting by phone or face-to-face at their own expense. The firm will use this meeting to establish your needs and to see if they can help you.

Minimum pot size:

Not all financial advisers provide advice for all levels of pension pot or savings. This tells you the minimum level of pension pot/savings you must have in order to deal with this firm.

Qualifications / Accreditations

Chartered Financial Planner

Chartered Financial Planner

Chartered Financial Planners hold the Advanced Diploma in Financial Planning and must have a minimum of five years’ relevant industry experience. Chartered status can only be conferred by the Chartered Insurance Institute (CII). Advisers who achieve Chartered status have a higher level of qualification than the minimum required to practice and must adhere to the strict code of practice and standards applied by their Professional Body, the Personal Finance Society (the financial services arm of the CII).

You can find out more here.

Certified Financial Planner

Certified Financial Planner

A Certified Financial Planner (CM) or CFP(CM) professional is a professional Financial Planner who has completed a high-level and globally recognised qualification set by independent professional body, the Institute of Financial Planning (IFP). All CFP professionals must abide by the IFP’s strict code of ethics and professional practice standards.

You can find out more here.

SOLLA

SOLLA

The Society of Later Life Advisers (SOLLA) accreditation scheme is audited and endorsed by the standard setting body the Financial Skills and Legal Partnership (FSLP). Individual financial advisers who gain the SOLLA accreditation have demonstrated a high level of knowledge and expertise in the area of later life financial planning. The consumer organisation Which? and many local authorities recommend that individuals looking for advice in more complex areas of financial planning such as paying for care or equity release seek advice from an accredited SOLLA adviser.

You can find out more here.

ISO 22222

ISO 22222

This is an international standard for financial planning, developed by the International Organisation for Standardisation (ISO) in collaboration with the British Standards Institute (BSI). Advisers who are awarded this standard must demonstrate high levels of ethical behavior, competency and experience. ISO is the world’s largest developer of voluntary international standards.

Chartered Wealth Manager

Chartered Wealth Manager

Chartered Wealth Manager status is also awarded by the Chartered Institute of Securities and Investments (CISI). To be awarded the title Chartered Wealth Manager, financial advisers must possess the Level 7 CISI Chartered Wealth Manager Qualification (formerly known as the CISI Masters in Wealth Management) or hold the Certified Financial Planner certification and be a Chartered member of the CISI. Advisers must also have completed one year of verifiable continued professional development.

Pension Transfer Gold Standard

Pension Transfer Gold Standard

The Pension Transfer Gold Standard is a code of best practice voluntarily adopted by regulated financial firms and advisers offering specialist advice on pension transfers. In particular the Standard covers financial advice on transfers from pension schemes that have protected or guaranteed benefits. Financial firms and advisers who adopt the Standard adhere to a set of principles over and above those they are required to follow by regulation.

For your own protection, the Government has made it a legal requirement to seek financial advice before you transfer from certain pension schemes. The Pension Transfer Gold Standard is designed to help you recognise and find firms and advisers that are able to provide this specialist advice and which adheres to high professional standards.

You can find out more here.

British Standard in Financial Planning BS 8577

British Standard in Financial Planning BS 8577

The British Standard in Financial Planning BS 8577 sets out a framework for firms offering financial advice and planning services. It was developed by the British Standards Institute (BSI) and specifies best practice for embedding an effective operational management system within the firm, enabling firms which hold the Standard to provide the highest possible standard of service. The Standard incorporates all aspects that support the provision of advice services, outlining core competencies required from companies, their advisers and planners to ensure a fair, transparent and professional interaction with clients. Firms holding BS 8577 often have Financial Advisers who hold the ISO 22222 which is an international standard in personal financial planning.

You can find out more here.

Web chat

Directions

  • Monday to Friday, 8am to 6pm
  • Saturday, 8am to 3pm
  • Sunday and Bank Holidays, closed

This service is currently only available in English.

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  • Need help sorting out your debts, have credit questions or want pensions guidance?
    Add +44 7701 342744 to your Whatsapp and send us a message.

  • For everything else please contact us via Webchat or Telephone.

This service is currently only available in English.

Contact us

  • Give us a call for free and impartial money advice.
  • 0800 138 7777

  • Monday to Friday, 8am to 6pm
  • Saturday, Sunday and Bank Holidays, closed
  • Our general email address is enquiries@maps.org.uk.

  • We will normally respond to your enquiry within 48 hours of receipt.