The Personal Finance Society (PFS) has broken through the 25,000 members’ barrier for the first time since its creation in 2005.

PFS sees this increase as the result of an acknowledgment by the profession of its desire to raise standards as the reason for its increase in membership.

Recognition of the Chartered designation by consumers is believed to be responsible for a surge in Chartered members over recent months. There are now over 1,700 Chartered Financial Planners and almost 250 Chartered Financial Planning firms.

Fay Goddard, chief executive of the PFS, said: “Against the background of an unprecedented global financial crisis it’s reassuring to see our industry react so positively to calls to raise standards. With few exceptions professionalism has been embraced across the sector