BS ISO BRITISH STANDARD 22222:2005 Personal financial planning - Requirements for personal financial planners ICS 03.060 BSi NO COPYING WITHOUT BSI PERMISSION EXCEPT AS PERMITTED BY COPYRIGHT LAW British Standards BS ISO 22222:2005 National foreword ThisBritish Standard reproduces verbatimISO 22222:2005 andimplements it as the UK national standard. The UK participation in its preparation was entrusted to Technical Committee SvS/6, Financial services, which has the responsibility to: aid enquirers to understand the text; present to the responsible international/European committee any enquiries on the interpretation, or proposals for change, and keep UK interests informed; monitor related international and European developments and promulgate them in the UK. ISO 22222 codifies best practice across the world and has been drafted in a manner that provides for regional variation to the maximum extent possible. However, each country may still have particular regional or national requirements that cannot be encompassed by a single ISO standard and the United Kingdom is no exception in this respect. To address this situation, SVS/6 has developed BS 9222, a guide to the application of BS ISO 22222 and the assessment of compliance with its provisions that is intended to facilitate uniform usage in the particular regulatory and commercial environment that prevails in the United Kingdom. It is therefore recommended that financial planners operating or intending to operate, in the United Kingdom and those having the responsibility of assessing their performance make use of this standard in conjunction with the additional guidance offered in BS 9222. Attention is drawn to thefact that in the United Kingdom,meeting the requirements of this standard does not, in itself, confirm a status authorized by the Financial Services Authority, since other criteria have already been established for that purpose.However, it will be found that application of the provisions of this standard at the levels identified, will providefor the delivery of an enhanced personal financial planning service. A list of organizations represented on this committee canbe obtained on request to its secretary. Cross-references The British Standards which implement international publications referred to in this document may be found in the BSI Catalogue under the section entitled "International Standards Correspondence Index", or by using the“Search' facility of the BSI Electronic Catalogue or of British Standards Online. This publication does not purport to include all the necessary provisions of a contract.Users are responsiblefor its correct application. Compliance with a British Standard does not ofitself confer immunity from legal obligations. Summary of pages This document comprises a front cover, an inside front cover, the IsO title page, pages i to v, a blank page, pages 1 to 28, an inside back cover and a back cover. The BSI copyright notice displayed in this document indicates when the This British Standard was document was last issued. published under the authority of the Standards Policy and Amendments issued sincepublication Strategy Committee on 31 March 2006 Amd. No. Date Comments CBSI2006 ISBN 0580 47912 9 BS ISO 22222:2005 ISO INTERNATIONAL STANDARD 22222 First edition 2005-12-15 Personal financial planning - Requirements for personal financial planners Conseil engestiondepatrimoineExigencespourles conseillers en gestion de patrimoine Reference number ISO 22222:2005(E) ii BSISO22222:2005 Contents Page Foreword. iv Introduction V Scope 1 2 Normative references. 3 Terms and definitions. 4 Process... 4.1 Personal financial planningprocess. 4.2 Establishing and defining the clientand personal financial planner relationship 3 4.3 Gathering client data and determining goals and expectations..... 4.4 Analysing and evaluating the client's financial status... 4.5 Developing and presenting the financial plan.... 5 4.6 Implementingthefinancialplanningrecommendations 4.7