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Chartered Financial Planners

Chartered Financial Planners status


The financial advice industry has been through a period of dramatic change. Standards have been raised, and organisations that are looking to stand out from the crowd need a way to distinguish themselves. For organisations committed to excellence, Chartered status brings the recognition they deserve.

 

The Chartered Financial Planners title:

  • Demonstrates commitment to professionalism - by recognising ethical practice, knowledge and skills throughout the organisation
  • Helps attract and retain the best staff
  • Identifies you as part of a leading group of ambitious financial planners

Applying for Chartered Financial Planners status

There are three principal requirements to meet:

  • meet the definition of an organisation carrying on business as financial planners
  • satisfy the eligibility criteria at application and on an ongoing basis
  • pay an annual fee.

In addition to the eligibility criteria detailed below, there are general conditions which must be met  by all applying entities, one of which is that to be considered for corporate Chartered status evidence of three years pre-application trading is required.

The eligibility criteria cover a range of factors recognised as evidence of a commitment to professionalism. Six compulsory criteria must be met in full and a range of discretionary criteria makes up the remainder.

Fixed criteria 

These six criteria must be met:

  1. A minimum of one of the firm's board* members must personally hold the CII Chartered Financial Planner title.
  2. One of the firm's board* (who must personally hold the Chartered Financial Planner title), must take on the role of Responsible Member. This person is the principal point of contact on Chartered status with the responsibility for the application, renewal and for any related issues at any stage.
  3. The entire board*, together with a minimum of 90% of customer-facing staff, must be members of the CII/PFS.
  4. A full financial planning service must be offered (in the case of a specialist advice firm a satisfactory referral procedure must be in place) and access to a Chartered Financial Planner must be available.
  5. The firm must have in place core values and business practices that align with the CII Code of Ethics.
  6. The firm must have an appropriate professional development programme in place.

Variable criteria

The discretionary criteria works on a points basis, with a minimum of 50 points overall required.

Criteria considered Points available
Percentage of board* individually holding the Chartered Financial Planner title (subject to the specified requirements Chartered titles from other awarding bodies will be recognised) 25-50

Percentage of board* individually holding the CII Diploma in Financial Planning (or comparable qualifcation such as the Advanced Financial Planning Certificate)

10-15
Percentage of financial advisers individually holding the Chartered Financial Planner title 10-30
Percentage of financial advisers individually holding the CII Diploma in Financial Planning (or comparable qualification such as the Advanced Financial Planning Certificate) 10-30
50% and over of non-advisory customer-facing staff individually holding a CII qualification 10
Potential recognition of additional rationale to support the Chartered application detailing relevant processes which are not already included in the criteria above. Typically this would include the attainment of objectively assessed awards such as Investors in People or appropriate ISO or BSI certification or the operation of a government approved apprenticeshp programme. The provision of these discretionary points is subject to such awards or certification being current when applying or renewing CCS. 5

 *or Appropriate Management Team - where the principal business of an entity is not financial planning and an unincorporated specialist division has been created for the purpose of managing this part of the business, the CII may at its sole discretion recognise a suitably qualified member of the Appropriate Management Team as complying with this provision.

Please note: Applications for corporate Chartered status will no longer be accepted from applicants who fall within the following categories:

  • Sole traders
  • Limited liability companies which have one director only
  • Limited liability companies which have one or more corporate directors
  • Limited liabuiity partnerships which have one or more corporate members
  • Firms which have one or more corporate partners

The corporate Chartered status Guidance documents are currently being updated and the revised versions will be available shortly. 

Fees for corporate Chartered status 

The fees for corporate Chartered status have been held since the scheme's original launch in 2007.

They reflect the costs to the CII in administering, monitoring and enforcing the Chartered scheme.

Number of staff employed Annual fee
Up to 10 £500
11-50 £1,000
51-250 £1,500
251+ £2,000

 

 

 

 

 

Fees are payable annually (once your application has been approved and we will confirm the fee that applies) and again on annual renewal. 

Further information and how to apply

Click 'Apply now' and/or the other links to the right for full details on the criteria and benefits of corporate Chartered status.