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CII believes chartered status could boost IFAs

The CII is considering applying for chartered status for Sofa in the belief that it would create a professional image for financial advisers.

But the move has been criticised as confusing and unnecessary by rival body the Institute of Financial Planning, which says chartered status would not add value to the profession.

The CII says if the Privy Council granted chartered status to Sofa, it would lead to the public associating advisers with other professions such as surveyors, architects and accountants.

There are no set criteria for receiving chartered status. The Privy Council bestows it on a profession or individual body when it feels that doing so would benefit the state.

If the CII succeeded in its bid, Sofa members would have to maintain standards and abide by a code of conduct.

But the IFP says chartered status for Sofa would undermine its own efforts to increase professionalism through its certified financial planner standard, an accreditation which is recognised internationally.

CII marketing director Steve Wellard says: “We are investigating the possibility of applying for chartered status for financial advisers. Public recognition of what chartered titles mean would help the financial services community.”

IFP chief executive Nick Cann says: “There is a debate whether there should be a chartered financial planner but we think it would be confusing and not add any value at all.”

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