I agree that the area needs to be monitored. However, I am not 100% certain that a licence need be obtained as I would be worried about the actual body who issues the licences creating yet another service that the tax payer has to pay for or developing a licencing authority that is only interested in creating turnover etc. Perhaps a solution would be that if it mainly solicitors or accountants who act in the area that their relevant bodies issue licences. Otherwise I would be worried about who monitors the monitors.
I do not belive that IFSRA should be giving the sole responsibility for issueing codes of conduct. I believe the some sort of consultative committee should be developed and this committee could be made up of IFSRA and members from other bodies ie CIMA, ACCA, ACA and Law society etc.