The Prime Minister focused on tax avoidance at the Conservative Party Conference this week.
She stated: “If you are an accountant, financial adviser or middleman who helps people dodge tax, we are coming after you.”
In the wake of this, The Chartered Institute for Securities & Investments, which merged with the Institute of Financial Planning last year, has issued a statement about its code of ethics, insisting only the highest standards are accepted.
The statement read: “CISI believes that professionals within the securities and investment industry owe important duties to their clients, the market, the industry and society at large.
“Clients who are offered financial advice by a member of the CISI can be secure in the knowledge that our members are committed to the highest standards of ethical behaviour and practice and that our members are required to take an Integrity test as part of their membership.
“We encourage corporate supporters to adopt our Code of Conduct, which must be adhered to by all CISI members.”
Mrs May’s comments followed a warning in August to advisers that they could face large fines under new plans to crack down on tax avoidance.
Under the plans set out in an HMRC consultation document, enablers of tax avoidance could have to pay a fine of up to 100 per cent of the tax the scheme’s user underpaid.
The Treasury listed “accountants, tax planners and advisers” in its announcement regarding who might be hit with the tougher penalties.
Currently tax avoiders face significant financial costs when HMRC defeats them in court. However, those who advised on, or facilitated, the avoidance bear little risk, officials stated.
These plans to were blasted as “ludicrously draconian” and ill conceived by Tom Wesel, partner at tax consultancy firm Milestone International.
He said: "Given how uncertain tax law is, this is not a fair basis on which to punish tax advisors or other associated professionals. As it stands, the current proposals are one-sided, ludicrously draconian, and need to be revised."