CII supports market professionalism with enhanced Corporate Chartered Financial Planners status

29 June 2009

The Chartered Insurance Institute (CII) has added further impetus to its drive to enhance standards of professionalism across the financial services sector by revising the criteria for its corporate Chartered Financial Planners scheme.

The scheme was introduced in 2007 to provide a 'gold standard' for firms of financial planners. The Charter, granted by the Privy Council, is only awarded to organisations which meet rigorous criteria relating to standards, capability and conduct. These have been made more demanding so as to raise the bar further in terms of the requirements and expectations placed on firms wishing to hold the title.

At the same time, the eligibility criteria for Chartered status have been broadened to ensure they reflect the shape and development of the financial planning market. The CII's overall objective is to reinforce corporate Chartered status as a firm's public commitment to the highest standards of knowledge, behaviour and service.

The new, more stringent, eligibility criteria enable an organisation to demonstrate its professional ethos. They include:

- a requirement that the firm maintains a formal and relevant professional development
- recognition for the attainment of higher qualifications throughout the organisation, with a focus on those staff providing advice
- a requirement for formalised core values and business practices in line with the CII's industry-standard Code of Ethics
- expanded monitoring and disciplinary procedures, including audit visits, to ensure compliance with the scheme rules
- a requirement that the entire board/management team be members of the Personal Finance Society/CII (and are therefore subject to Continuing Professional Development and ethical requirements)
- increased responsibilities on the 'Responsible Member (a nominated Board member who holds the individual Chartered Financial Planner title and who ensures compliance with the scheme rules).

The enhancements to the scheme reflect market consultation and feedback from firms, the Personal Finance Society Board and the CII Professional Standards Board – responsible for helping to formulate CII policy and standards.

Steve Jenkins, Director of Financial Services at the CII, said:

"Chartered status has real value in the eyes of the public precisely because it is tough to obtain. We're raising the bar because we want to strengthen the perception that the Charter marque is an indication of merit and integrity. The Retail Distribution Review is continuing to focus on raising standards, and we will continue to play our part in helping firms to demonstrate their professionalism. We will change the Corporate Chartered criteria as required to reflect the outcomes of the RDR process."

Currently there are over 230 firms of Corporate Chartered Financial Planners, and many more applications are in the pipeline. The appetite for demonstrable professionalism is growing.

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