BS 8577:2012 pdf download

BS 8577:2012 pdf download.Framework for the provision of financial advice and planning services -Specification.
4.5 Due care and diligence
Organizations shall conduct all their activities with due care and diligence.
4.6 Accessibility
Organizations shall take all reasonable steps to ensure that the accessibility needs of all personnel and customers are addressed.
4.7 Confidentiality
Organizations shall take all reasonable steps to safeguard dient confidentiality unless subject to regulatory and/or legal obligations.
4.8 Professionalism
Organizations shall demonstrate adherence to all relevant rules and regulations. and shall commit to codes of conduct and professional standards.
4.9 Conflicts of interest
Organizations shall disclose and fairly manage all conflicts of interest.
4.10 Competence
Organizations shall ensure that all personnel have the necessary skills. knowledge and expertise relevant to their roles. In particular, organizations shall ensure that all personal financial planners are able to demonstrate conformity to BS ISO 22222.
5 Management responsibilities
5.1 Management commitment
Senior management shall:
a) commit to the adherence, management and maintenance of this British Standard by appointing a member of the organization who shall have responsibility and authority that includes:
1) ensuring that the processes required to support the operational framework and, where applicable, compliance with BS ISO 22222. are established, implemented, maintained and communicated; and
2) reporting to senior management on the performance of the operational framework and any suggestions and required improvements;
b) establish and communicate business policies, plans and objectives that support 5.la), including the provision of reward and recognition programmes that aid positive consumer outcomes;
c) ensure the availability of adequate resources throughout the organization to conform to the requirements of this British Standard as a minimum.
d) ensure that responsibilities and authorities are defined and communicated throughout the organization;
e) communicate the importance of understanding and meeting customer needs as well as statutory, regulatory and contractual requirements throughout the organization:
f) designate one individual for the organization with sufficient seniority to be able to identify and deal with all risks which may arise;
g) establish a due diligence process for the selection and review of suitable software, tools and any third party services, where applicable; and
h) establish, implement and maintain an audit process to support the organization’s compliance with the requirements of this British Standard.
NOTE Fe.’ further guIdance, see 85 EN 150 79011.
5.2 Management review
Senior management and relevant personnel shall review the organization’s operational framework and compliance with this British Standard on a regular basis.
NOTE I This helps to ensure continuing suitability. adequacy and effectiveness in meeting customer requirements.
NOTE 2 See Annex A for an example of management review process good practice.
The management review shall assess opportunities for improvement and change. and shall include, but need not be limited to:
a) follow-up action(s) from previous management reviews:
b) process performance and compliance:
c) customerlstakeholder feedback:
d) audit results;
e) status of preventive and corrective actions;
f) recommendations for improvement;
g) customer service levels;
h) adequate resources;
i) external changes that could affect the operational framework and compliance with this British Standard.
Records from management reviews shall be maintained and shall include, but need not be limited to. any decisions and actions related to the above.
6 Objectives
Senior management shall ensure that objectives, including those needed to meet requirements for the provision of financial advice and planning services, are established at relevant functions and levels within the organization.
The objectives shall be measurable and consistent with the organization’s policies, and shall be reviewed on a regular basis.
7 Policies
7.1 General
The strategic direction and purpose of the organization shall be established and approved by the organization’s board. It shall be set out in policies, which shall be embedded throughout the organization and reviewed on a regular basis.
Policies shall include, but need not be limited to, the following.