The Chartered Insurance Institute (CII) of UK has decided to introduce a range of enhancements to its requirements for firms holding its corporate chartered status.
The improvements will mandate all firms holding corporate chartered status to have at least half their advisers chartered on an individual basis by 2020 instead of one chartered financial planner on their board as specified by the current plan.
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Under the new standards, chartered firms will have to ensure that 25% of their advisers are chartered financial planners by July 2017 and 50% are chartered by 2020 besides appointing a management team member as the ‘responsible member’ to ensure the firm’s compliance with the criteria.
Firms will have to provide customers with access to a chartered adviser within 10 days of requesting it.
The new requirements will emphasize on culture and ethics with the aim to ensure firms have a professional development programme in place and that their core values are aligned with the CII code of ethics.
CII director of financial services and insurance markets Steve Jenkins said: "Chartered status is becoming more popular, and that means we have a responsibility to ensure the requirements are fit for purpose. We have to make sure the title bears scrutiny and meets consumers’ expectations."
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By GlobalData
