How it works in practice
A new era for financial advice
In 2007 the financial advice sector entered a new era of professionalism thanks to the arrival of Chartered status for firms.
Professional financial advice firms play a pivotal role in maintaining and enhancing the wealth of individuals and businesses in the UK. Such firms work in a complex and demanding market. They have long been subject to exacting statutory regulation, and the regulatory landscape within which they operate continues to evolve.
The Financial Services Authority’s Retail Distribution Review is only the latest in a long line of market assessments to explore the need for yet further changes to the rules governing the provision of financial advice.
One of the constants which has helped ensure the survival of financial advice providers is their individual and collective pursuit of the highest professional standards. Indeed, the FSA recognises the importance of professionalism as a promoter of compliance.
Professional firms seek knowledge and capability and adhere to an objective code of ethical practice. Many look to improve their overall performance by encouraging staff to enhance their own skills, with Personal Finance Society/CII Membership and CII qualifications at the heart of their learning activity and continuing Professional development.
The pinnacle of individual achievement is the award of Chartered Financial Planner status, which is conferred by the CII and available to eligible Personal Finance Society Members as a result of the Society’s link to the CII. To-date over 1,000 individual financial advisers have attained this title, with many more currently working towards it.
Now you can distinguish your business from the crowd (and so will your customers)
Financial advice firms which meet the criteria laid down for Chartered status will, once approved, be eligible to use the title ‘Chartered Financial Planners’ in their business dealings
The eligibility criterion defines suitable organisations as those “who are carrying on business as providers of financial planning advice or related activities”.
They will be authorised to:
- Use the term ‘Chartered Financial Planners’ on their business stationery, promotional materials and company signage
- Describe themselves in these terms in any communications that they produce
- Display a certificate at each of their branches highlighting their Chartered status
Full guidelines relating to usage can be downloaded here, or from the downloads section at the bottom of the page.
To mark the arrival of Corporate Chartered Financial Planners status, the CII will be undertaking an extensive ongoing communication campaign. We will promote the value of Corporate Chartered status via the national press and other media channels, informing all types of consumer of its introduction and relevance.
This will educate buyers on the standards of practice to which Chartered firms adhere, as a factor to consider when choosing their financial adviser.
