The Personal Finance Society has announced a 25 per cent rise in the number of chartered financial planning firms in the last 12 months, taking the total number in the UK to over 500.
In February, the PFS revealed that the number of individual chartered financial planners had exceeded 10 per cent of its membership and more than 3,500 members have now achieved the gold standard chartered status.
In order for a firm to be granted corporate chartered status, the chartered Insurance Institute must be satisfied that it demonstrates a commitment to the highest standards of professionalism, as well as equipping staff with the necessary skills and knowledge to deliver high quality advice and putting the clients’ interests at the centre.
PFS head of marketing Mark Hutchinson says the corporate chartered financial planner status truly sets firms apart from the competition.
“Chartered is highly recognised by consumers and is a brand that is inherently trusted. Individual chartered financial planner status is more about knowledge and capability, whereas corporate Chartered status is a quality mark for corporate culture and ethics,” says Hutchinson.
PFS president Garry Hale says: “It’s great news for the financial planning profession that chartered financial planning firms have now exceeded the 500 mark. Now that the RDR is in place and financial planners and firms are able to concentrate on the competitive environment again, I would expect the numbers of both chartered individuals and firms to accelerate.”