FAQs

Q1. What does an individual have to do to be eligible for the title?

A. To be awarded Chartered Financial Planner status, an individual will have to:

• Carry on business as a provider of financial planning advice to individuals or corporate entities
• Have five years’ experience in the industry (not necessarily postqualification) of a kind satisfactory to the Institute
• Be a member of the Personal Finance Society (PFS)/Chartered Insurance Institute (CII)
• Gain PFS/CII approved financial qualifications equivalent to first degree level
• Follow the PFS/CII’s Code of Ethics
• Be up to date with their Continuing Professional Development (CPD) and commit to an ongoing programme of continuing professional development.

Q2. Which PFS/CII approved financial qualifications are suitable?

An individual will need to hold the Certificate in Financial Planning (or equivalent) and a minimum of 290 qualification credits which must include:

Completion Pre 2008

• 120 advanced level financial planning credits plus a further 40 diploma level or above financial planning credits

Completion Post 2008

• completion of the Advanced Diploma in Financial Planning., including unit AF5 Financial planning process.

Q3. What, if any, other qualifications/exams will the PFS/CII recognise as part of an individuals qualifying portfolio?

A. The CII already has an extensive accreditation procedure, details of which can be obtained from Customer Service.

Q4. How is Chartered status going to link with the new financial planning qualifications framework?

A. Chartered status is the pinnacle for the financial planning professional. The CII's new financial planning framework will support this professional progression by providing the essential learning and qualification to first degree level which is a requirement before Chartered status can be awarded. The new framework will also provide, via Personal Finance Society membership designations, ‘stopping off’ points to allow planners to demonstrate their levels of competence and that they are ‘fit for purpose’.

Q5. Can someone who meets the qualifying criteria just start using the title?

A. No, they must apply to the CII first and be given approval.

Q6. Who awards the title - the CII or the Personal Finance Society?

A. The Chartered Insurance Institute is the only body able to issue the Chartered Financial Planner title.

Q7. What rules govern the use of a Chartered title?

A. The CII must uphold the rules of its Charter. Holders of the title must comply with the CII's CPD requirements and abide by the Code of Ethics.

Q8. Is there a CPD requirement prior to applying for the title?

A. An individual must be up to date with their CPD and new and existing members must comply with the CII’s CPD requirements.

Q9. What will the CPD requirement be once the title has been awarded?

A. The CII’s new CPD scheme introduced in October 2005 requires CPD to be achieved each year. The nature of the CPD will, to a large extent, depend on its relevance to each Chartered title holder.

Q10. How will you police holders of a title to ensure they abide by the rules?

A. Each month, the CII will select a random number of members to submit their CPD logs to monitor activity. A disciplinary process exists to deal with cases against members and a new complaints facility was introduced in October 2005 to allow members of the public to register a complaint against a CII member. The CII also works closely with the relevant regulatory and supervisory bodies.

Q11. How much will it cost someone to apply for and maintain the title?

A. The usual one off registration fee of £140 has been waived until 31 December 2010. The annual membership fee is £200 and replaces any existing membership fee paid. The new fee will be effective from the next renewal for existing members. This fee applies until 31 December 2010.

Q12. At present you allow financial advisers to use their insurance and financial planning designations, can someone who qualifies for two Chartered titles use both as well?

A. No. PFS/CII members will be able to apply for one title only. This title should reflect the majority of the work that they carry out. The qualifications criteria will also need to be met.

Q13. Will the CII charge a fee to existing Chartered title holders to transfer to the new title?

A. The standard fee to change a Chartered title is £50. This fee has been waived until 31 December 2010.

Q14. What has the CII had to do to get the title approved?

A. As a Chartered body the CII had to gain approval for the title from the Privy Council. It is a condition of the Privy Council that an individual must be able to demonstrate relevant qualifications to first degree level before a Chartered title can be awarded.

Another key consideration for the Privy Council was that the CII already awards three Chartered titles. Chartered Insurance Broker, Chartered Insurance Practitioner and Chartered Insurer are regarded as the highest and most prestigious level of professional achievement for people working within the insurance industry. The addition of Chartered Financial Planner completes the range of Chartered titles needed to cover all the areas of financial services within which CII members work.

The PFS/CII has a Code of Ethics and a robust disciplinary process already in place as part of the governance of the existing Chartered titles.

Q15. Does the initiative have the support of the market/market bodies, regulator and consumer groups?

A. All groups recognise the need to raise levels of consumer confidence in the financial services sector and to encourage consumers to manage their finances and make long term financial provision for themselves. Discussions are taking place with industry bodies and organisations and all contacted have voiced their support for this initiative.

Q16. Consumers just want a good deal from their financial products, how is Chartered status going to help?

A. The establishment of Chartered Financial Planner status introduces a new, internationally recognisable benchmark of quality and ethical practice for financial services professionals. This will re-assure consumers as for the first time financial services will be elevated in the public eye to the same standing as other Chartered professions, such as accountants, engineers and surveyors. Chartered status represents a sea change for the industry creating, for the first time, a financial planning profession. All holders abide by a Code of Ethics and the CII has the sanction of a disciplinary process against members should this be necessary. This represents the first step in an evolving process. The CII will work with industry practitioners to ensure that the standards and practices associated with a professional body are established and maintained within financial services.

Q17. How can I show to the public I hold the title?

A. You can show the title on your business cards as long as the name is not shortened or abbreviated. The CII has also produced a Chartered Title Directory which it updates in February and August each year. The Directory includes the names of all those who hold a CII Chartered title and is available here

Q18. Can I use the PFS logo on my own material?

A. Membership to the PFS is only available to individuals. Thus an organisation cannot be a member of the PFS. It is not permitted to use the PFS logo on any corporate stationery/marketing material or corporate website. For the full list of logo guidelines, please click here.

Q19. What are the rules on logo usage if I am the sole proprietor?

A. In circumstances where Mr A. N. Adviser is the sole proprietor of the company, it must clearly state that ‘Mr A.N. Adviser CertPFS is a member of The Personal Finance Society’, as opposed to the company being a member of The Personal Finance Society. This distinction must be clearly made where the PFS logo is used. For the full list of logo guidelines, please click here.

Q20. What are the rules on the usage of designatory letters?

A. As a member of the PFS (Personal Finance Society) you can use your designation as printed on your membership card. Designatory letters and the Personal Finance Society logo may only be used by current members of the Society, as follows: Mr A.N. Adviser CertPFS

The logo may only be produced in one way:
1. Prefaced by the words:
(name) is a member of (logo)

Q21. Who has the final say?

A. The Personal Finance Society reserves the right to withdraw the facility to use the logo if the guidelines are not complied with to the Society’s satisfaction. In such circumstances the decision made by the PFS is final. For the full list of logo guidelines, please click here.

Q22. Why is the Chartered fee higher?

A. Being a Chartered member of the PFS comes with a £35 per annum extra subscription (over other membership categories), which enables Chartered members to benefit from:

• Use of a title that shows the world that they have attained and maintain the highest and most prestigious level of professional achievement;
• Greater public recognition;
• The focus of our awareness and promotional campaigns;
• A priority listing on www.findandviser.org;
• Exclusive access to Chartered events.

This subscription remains good value when considered against the subscriptions other Chartered professionals pay to their professional body’s.