ISO 22222

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The ISO 22222 Standard is the first service based standard of its type specifically designed to outline the professional practice standards for a financial planner. This standard is independent of designations and is designed to document the operational practices necessary for a financial planner to meet.

The ISO standard has been recognized in a number of countries, most notably in the UK where the Financial Services Authority (FSA) is endorsing the standard as Instituto de Planificacion Financiera in Argentina.

Purpose: Bring benefits of the financial planning process to more consumers in more countries (Intro.)

Scope: Comprehensive personal financial planning delivered to consumers by individual professional practitioners (1)

Definition of PFP: Process designed to enable a consumer to achieve personal financial goals (3.16)

Professional Ethics: 10 Principles (5.2)

  • Integrity – Priority of client’s interest – Due care
  • Transparency: Disclose relevant facts/interests/limitations
  • Professionalism/sound practices/compliance

PFP Service Process

  • 4.2 Establish and define client-planner relationship
  • 4.3 Gather client data, determine goals/expectations
  • 4.4 Analyze/evaluate client situation
  • 4.5 Develop plan/present the plan
  • 4.6 Implement recommendations
  • 4.7 Monitor progress/update plan

Practitioner Competences

  • 6.1 Broad knowledge of consumer economics plus relevant specific local knowledge
  • 6.2 25 listed competences aligned with six steps of the PFP service process
  • 6.3 Evaluation: Comprehensive
  • 6.4 Able to demonstrate continuing competence in all requirements
  • 6.4 Continuing education expected

Practitioner Experience

  • 7.3.1 Required: experience in the six step service process of personal financial planning
  • 7.3.2 Requirement: 3 years’ total experience , including at least 2 years in the six step process
  • 7.3.2 Equivalent experience credit of up to 1 year for work in certain other relevant roles.

Claiming Conformity

  • 8.1 Presentation of Claim
  • 8.2 Scope of Claim
  • 8.3 Basis of Claim

3 possible “bases” (sources) for claim:

  • 1st party (self)/2nd party/3rd party (certifier)
  • For consumer confidence, use of accredited 3rd party certifier recommended
  • ISO compliant certifiers (ISO 17024) preferred
  • Uniform, documented assessment process in all cases.
  • Assessment must address all provisions of ISO 22222.
  • Presentations: use ISO disclosure format, state basis, describe assessment method,

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