Eligibility criteria - Financial planning
Consumers have never valued professionalism as highly as today. For organisations committed to excellence, Chartered status brings the recognition they deserve.
Applying for Chartered Financial Planner status
Your company must meet three principal requirements:
- Meet the definition of a financial planning firm
- Satisfy the eligibility criteria at application and on an ongoing basis (see below)
- Pay an annual fee
These criteria must be met:
- A minimum of one of the firm's board* members must personally hold the CII Chartered Financial Planner title
- 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
- The entire board*, together with a minimum of 90% of customer-facing staff, must be CII members
- A minimum of 25% of the firm’s advisers must hold the Chartered Financial Planner title. Following a phasing period between now and 2020, this requirement will increase to 50%.
- 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
- Evidence of three years pre-application trading as an authorised and regulated business
- The firm must have in place core values and business practices that align with the CII Code of Ethics
- The firm must have an appropriate professional development programme in place
*where the principal business of the company or partnership is not financial planning and a specialist division has been created for the purpose of managing this part of the business, the CII may, at its discretion, recognise a member of the highest management team appointed to run that division.
Applications for corporate Chartered status cannot be accepted from:
- Sole traders
- Limited liability companies which have one director only
- Limited liability companies which have one or more corporate directors
- Limited liability partnerships which have one or more corporate members
- Firms which have one or more corporate partners
Fees for corporate Chartered status
The fees reflect the costs to the CII in administering, monitoring and enforcing the Chartered scheme. Fees are payable annually (once your application has been approved we will confirm the fee that applies) and again on annual renewal.
|Number of staff employed||Annual fee|
|Up to 10||£500|