Membership rose at The Institute of Financial Planning Limited (IFP) in 2014 with 305 new members joining, bringing the total number to 2,124. This includes an increasing number of Accredited Financial Planning firms.
The IFP also reported that financially 2014 was a positive year and it had achieved its profit and loss goals. It said that both the IFP and its wholly owned subsidiary FPSB UK Limited made a combined profit before tax of £40,820, which was in line with expectations. Profit and loss reserves grew to £132,264 and, said the IFP, the cash position remained strong and in line with the Board’s expectations.
During 2014 the IFP saw a 17% increase in the number of Statements of Professional Standing (SPS) it issued to members.
Last November the FCA confirmed that the IFP’s status as an Accredited Body has extended for a further three years.
IFP CEO Steve Gazzard said: “Our primary aims for 2014 were to achieve membership growth and develop our professional community whilst also building our financial resilience. I’m pleased to report that we passed through the 1,000 mark for CFP professionals, and all of the goals were achieved. Our financial results were on target and enabled us to achieve our highest ever P&L and cash reserve levels. 2015 has started in a similar vein with many exciting opportunities ahead.”
IFP President Rebecca Taylor FIFP said: “I’m delighted that we are able to post these strong results for 2014. They clearly show that the IFP is in great shape to forge ahead with our plans to grow the financial planning profession for the benefit of consumers.”