The Personal Finance Society is to launch a campaign to “weed out” rogue firms operating in the Claims Management Company (CMC) sector.

The 40,000-member Personal Financial Society, which represents most of the UK’s Financial Planners, has questioned the FCA’s 5 year plan to become a ‘data-driven’ regulator.

The FCA has launched a Call for Input (CfI) on the opportunities - and risks - that could be created by introducing an ‘Open Finance’ framework in financial services.

The Personal Finance Society’s e-mentoring initiative called ‘Connect’ has recruited more than 1,000 mentors and mentees since its launch in the summer.

The scheme enables members to form ‘mentorship connections’ with other professionals at any point of their career anywhere across the globe.

The professional body, which has 40,000 members, says that the scheme creates “the potential for a truly international united Financial Planning profession.”

Connect mentor and mentee Alasdair Walker, a Chartered Financial Planner at Hunter Aitkenhead and Walker, said: “It is really hard to overstate how important I think mentoring is. I advise any personal finance professional to do it.

“It can be difficult for people to find mentors outside of their organisation but Connect is full of professionals that not only have the experience you could need but have also put up a signal saying: ‘I am willing to help you.’

Adam Owen, president of the PFS, has signed up to Connect as a mentor and mentee.

He said: “The great thing about the adviser community is that people are very keen to share their experience. Connect gives people the opportunity to do that in an environment that is moderated and offers a platform for people to find the right person at the right time for their professional needs.

“The platform offers a gentle introduction, the opportunity for both parties to make a decision as to whether they are right for each other, and then a process that takes you through step by step to the point at which you can reach a conclusion. People can commit for a period of time that is right for them.”

Keith Richards, chief executive of the Personal Finance Society, said: “Soft skills development is a key area of focus to support the professional development of both new and experiences members to enhance the delivery of their technical knowledge. There can be little substitute for experience and often both the provider and receiver of mentoring gain as much from the experience which is evident in the feedback already being received.”

“The benefit of using a digital platform means that relationships are not restricted to the UK alone and our affiliation with the European Financial Planning Association will allow professional advisers to remain united, irrespective of the ultimate outcome of Brexit.”

Personal Finance Society members can register to be a mentor or mentee with Connect at https://www.thepfs.org/membership/benefits/connect/