The Chartered Insurance Institute is reviewing the standards and criteria used to award firms chartered status.
The CII says it is carrying out the review to ensure the standards meets customers’ expectations.
The review is being carried out through one-on-one interviews with stakeholders in the insurance and financial planning sectors and through focus groups with consumers and small and medium-sized businesses.
A consultation based on the feedback from the research will be published next month.
The consultation will invite feedback from members, non-members and other stakeholders in order to determine future standards.
CII president Amanda Blanc says: “The CII is mindful of the importance of ensuring that any future CCT scheme is able to withstand robust scrutiny from the public.
“Consequently any long-term vision for chartered must support the CII’s mandate to ‘secure and justify the confidence of the public’ in the insurance and financial planning sectors and recognise the importance of maintaining the reputation of the chartered brand.”
Aurora Financial Planning chartered financial planner Aj Somal says: “It is a good idea to review standards and possibly make them more stringent to ensure that chartered status is still a mark of quality and exclusivity.”