Corporate Chartered consultation FAQs

1.      When will the change happen?

We are not setting a definitive date for any change.  We will focus on taking feedback and assessing alternative approaches before sharing more detail with you once we have established confidence in the model and the criteria. 

The dates shared at the consultation events in April 2025 are provisional phases, which will flex according to what the consultation tells us.   The earliest any changes could be made would be during 2026. 

There will be a transition phase for any existing Chartered firms following the launch of new criteria, and expected to extend for 18 months.

2.      When will the final rules be announced?

We are not setting a definitive date for any changes or finalisation of rules, as we will adjust these according to what the consultation tells us.  We expect to share a further iteration of the rules and criteria in the latter half of 2025, incorporating feedback received during the consultation.

3.      If my firm doesn’t currently meet the 90% membership criteria, should I wait until the new rules to apply?

The provisional change to the 90% membership rule is subject to the consultation.  It is expected to be replaced by a level of membership benchmarked against peers, and therefore may remain 90% for some firms.  Until and unless changes to the rule and benchmark are announced, the existing criteria apply to all existing and renewing firms.

4.      Will there be a transition period?

Yes, we envisage that once the new rules and regulations are confirmed, we will announce a date from which firms will be able to apply under the new criteria.  Firms with existing Chartered status will have an option to renew under the existing or the new criteria for 18 months from that date.

5.      Will there be a change to the Chartered fees?

Yes, we plan to revise the tiers and the basis for the Chartered fee.  We aim to charge a fee that represents the cost to deliver the new corporate Chartered proposition, including additional Chartered content and community services and promotion of Chartered status to the public.  We will share more detail on any changes once the consultation has clarified the changes to the criteria and the processes.

6.      Will firms need to submit a full application to renew every year?

We are currently proposing that firms would only provide a by-exception review for the second and third year, updating their record where key elements have changed. We will test the viability of this approach as part of the application pilot later in 2025 to ensure that it is both robust and practical.

7.      What happens if my firm no longer meets the new criteria?

We are proposing a transitionary phase to apply to existing Chartered firms during which they will have a period (provisionally 18 months) during which they can decide whether to renew under existing or new criteria and to use that period to prepare

8.      How do I get involved in the pilot?

Email us via chartered.consultation@cii.co.uk and we will let you know how to get involved. 

We are seeking input from as wide as possible a range of firm types and sizes to ensure what we build achieves the step change in consumer recognition, but is also workable to all types of firms. 

9.      Can I be involved in the pilot if my firm was Chartered previously, and is no longer, or if my firm is interested in applying for Chartered status in the future?

Yes, we are interested in hearing perspectives of existing Chartered firms, those who previously held Chartered status and those who have not yet held Chartered status.

10.  What will the pilot involve?

During May – June 2025 we will be running a series of short virtual focus groups where similar firms will be encouraged to discuss and feed back on specific criteria, and following this in June – September 2025 we will be asking for firms to make trial applications to test our processes and scoring mechanisms.

11.  How will you benchmark?

We are designing an application to aggregate all submissions so that we can keep a historic record of all scores and the rationale for the score, so that we are able to show firms examples of how they compare with their peers.  We recognise that a benchmark derived from application data will build over time, and therefore when the first submissions are delivered the benchmark will be based on small volumes.  We will therefore begin with provisional benchmarks based on feedback from firms contributing to the pilot.

12.  Does the CII no longer believe membership is important?

A high-level of professional body membership across an organisation is a key indicator of professionalism, and will remain core to corporate Chartered.  What we are proposing is that we should recognise membership of all relevant professional bodies, not just the CII and PFS, and that the proportion of staff in different departments may not have the same type of professional membership need.  We want Chartered standards to apply to the entire organisation, and the current definition of ‘customer facing staff’ does not always mean the same to different types of business.

13.  What will the new application and renewal process look like?

The new application process will be consultative and aimed at giving firms insights and guidance on how they can maximise the effectiveness of their investment in professionalism.  We are investing in additional resource as well as systems in order to enable richer two-way conversations with firms, using a detailed assessment report showing firms how they compare with their peers against the criteria, aligned to a corporate overlay to the Professional Map. 

This process is likely to take a little longer than the existing process because we aim to review the evidence that firms believe best demonstrates their achievement of the criteria, rather than CII dictating one-size-fits-all evidence templates.  We will, however, be producing guidance for firms to show what we are looking for as a basis for their application, and will add to that as we see examples of best practice from firms.

14.  If there is no longer a requirement to have 90% of customer facing staff members of the CII, what is the new benchmark?

The new criteria will require firms to achieve ‘market-leading’ levels of professional membership across their entire business.   We will establish benchmarks over time for each peer group and share them with firms in that group. Since existing Chartered firms already have 90% or greater, this benchmark may not change for firms in certain peer groups.

15.  [For Financial Planning firms only] If there is no longer a requirement to have 50% of advisers Chartered with the CII, what is the new benchmark?

As with the 90% rule, we will establish benchmarks over time for each peer group and share them with firms in that group. We will still expect Chartered firms to commit to professional development of their staff.

16.  [For Financial Planning firms only] Does the CII no longer believe that advisers should aspire to be individually Chartered?

The new criteria will put more emphasis on the value and importance of Chartered status – for individuals as well as firms. We expect Chartered firms to encourage advisers to aspire to achieving individual Chartered status, and to support them in their professional development. Ironically, our current 50% rule seems to be a barrier to growth of individual Chartered as when firms employ more advisers they may run the risk of falling below the 50% criteria unless that adviser is already Chartered, which doesn’t encourage the recruitment of non-Chartered advisers. Instead, we want our Chartered firms to feel confident in being able to expand their business whilst also supporting their advisers to achieve Chartered status and/or Fellowship.

17.  Will you allow sole traders or limited liability companies with one director only to apply for Chartered status?

No. As is currently the case, we will not be able to accept applications for Chartered status from sole traders or limited liability companies with one director, although we encourage and support sole traders and directors to aspire to be individually Chartered.   Corporate Chartered status is designed to help consumers recognise the same professionalism when delivered as a Chartered entity as they would from a Chartered individual.  Consumers can rely on the individual Chartered status of sole traders to recognise professionalism and having both would indicate a difference that does not exist.

18.  Isn’t this just an exercise to get more firms Chartered?

Our vision is that any firm who can demonstrate market-leading levels of professionalism should be able to aspire to Chartered status.   The current criteria act as a barrier for certain organisational models. By removing the focus on mandatory levels of CII membership we aim to remove any real or perceived commercial conflict and ensure that consumers and the profession are the key beneficiaries of a growth in Chartered firms.

19.  Why are you proposing to change the rules now?

It has been over 6 years since the last amendment to Chartered criteria in 2019.  Many things have changed over that period, but the Chartered Ethos that was articulated following that last consultation hasn’t changed.    

20.  Will the proposed rule changes make it easier for firms to become Chartered, reducing its exclusivity and credibility?

The new criteria and application process will not be easy.  We are proposing significant additional evidence would be required that evidences the firm’s achievement of professional outcomes.  This is a very different approach from the assessment of inputs, and will be robust, transparent and objective, with the aim that consumers will see its credibility reflected in outcomes they experience.

21.  Will there be additional Chartered titles or stay the same

There are no current plans to add to the existing four titles of Chartered Financial Planners, Chartered Insurers, Chartered Insurance Brokers and Chartered Insurance Underwriting Agents.