In just one month, more than 120 businesses have opted to become associate firms of the Personal Finance Society (PFS).

Among the first firms to commit to associate status were Lowes Financial Management, Susan Hill Financial Planning, Bateman Asset Management, Morgan Williams & Co plus Red Star Wealth Management.

The PFS launched the associate firm status in August, following requests from firms that wanted to show their alignment to the professional standards and the code of ethics set by the society.

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Associate firms enjoy a closer relationship with the Personal Finance Society as part of a renewed ‘united profession’ approach to building public trust and to elevate the importance and value of financial wellbeing through financial planning and investment advice.

An associate logo, including an aluminium plaque to display commitment to a set of core principles, can be promoted at reception and on websites.

Member firms are also listed and linked to from the Personal Finance Society’s website.

Firms must adopt eight underlying principles of association, which includes a commitment to comply with the spirit as well as the rules of regulation and employment law as well and to have a clear diversity and inclusion policy, in addition to a policy for corporate social responsibility.

The new membership is annually renewable, and firms will be required to provide evidence of how they are meeting these commitments if called upon to do so by the PFS.

Keith Richards, chief executive of the Personal Finance Society, said: “It is great to see so many firms from across the sector recognising the benefit of aligning as a united profession to help elevate the importance and value of financial advice through a commitment to professional standards.”