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CII tightens guidelines for corporate chartered status

The Chartered Insurance Institute has unveiled tighter guidelines for its corporate financial planners scheme.

The new rules include recognition of higher qualification throughout the firm, expanding monitoring and disciplinary procedures and also a requirement that the entire board or management team be members of the Personal Finance Society/CII.

The scheme was initially put in place in 2007 and is only awarded to organisations that meet targets relating to standards, capability and conduct.

In total there are six criteria which must be met by applying firms. Once meeting the obligatory data, firms may choose from a range of discretionary data. Each element has a value, such as a percentage of the board or highest management team individually holding the Diploma in financial planning, which is worth 10 to 15 points.

A minimum of 50 points is required to attain the status.

CII director of financial services Steve Jenkins says: “Chartered status has real value in the eyes of the public precisely because it is tough to obtain. We’re raising the bar because we want to strengthen the perception that the Charter marque is an indication of merit and integrity.

“The retail distribution review is continuing to focus on raising standards, and we will continue to play our part in helping firms to demonstrate their professionalism. We will change the corporate chartered criteria as required to reflect the outcomes of the RDR process.”



Guide: reporting to the Pensions Regulator — what and when?

Johnson Fleming has published a step-by-step guide demonstrating the importance of record keeping and reporting, and how it can ensure you operate a successful scheme. The guide takes you through some key questions you need to ask and identifies the information you need to obtain. The topics include: why you need to keep records and the benefits of doing this; registering your scheme; what information you need to record to ensure you meet the Pensions Regulator’s requirements; and what items need to be recorded and when.


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