The Institute of Financial Services and the Institute of Financial Planning (IFP) have received formal approval from the FSA as accredited bodies.

For the Institute of Financial Services, any FSA registered retail investment adviser who needs to comply with the professional standards requirements of RDR will be able to apply to the Institute for a Statement of Professional Standing, irrespective of whether they are a member or not.

Anne Kiem, chief executive of the Institute, said: “We’re delighted to be approved by the FSA and to be able to provide the whole industry with the required verification services. Membership of the Institute gives advisers access to a cost-effective