The standards advice firms must meet to call themselves Chartered are set to get much tougher, as the Chartered Insurance Institute (CII) embarks on a radical overhaul of the label.
By 2020 at least half of the advisers within Chartered firms must be chartered individuals, a significant leap from current requirements. At the moment, the CII requires chartered firms to have at least one Chartered financial planner on its board, and for 90% of customer-facing staff to be members of the CII or Personal Finance Society. The rules will change in two stages; from July 2017, 25% of firms' advisers must be chartered for the whole business to use the label, before the figure doubles to 50% by January 2020. Steve Jenkins, director of financial services and insurance mar...
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