CII

Membership of a professional body should be mandatory for all financial advisers, the Chartered Insurance Institute (CII) proposes today.

New research has shown adviser knowledge of the RDR is poor, with just 6% having read the review's discussion paper and only a third reading a summary.

The majority of financial advisers want to improve their qualifications in anticipation of the RDR, according to the CII.

The Chartered Insurance Institute (CII) has called on the FSA to "rebuild public trust" by developing higher professional standards in the industry.

The proposed top-tier of advisers should be qualified to chartered status in line with other professions such as accounting and engineering, MPs say.

The Chartered Insurance Institute has joined forces with educational charity Life Academy to promote a new University of Surrey course aimed at advisers.

Trevor Matthews, CEO of Standard Life Assurance and newly appointed deputy president of the CII, says chartered status is a good level to aim at for the IFA industry.

It is vital consumers are consulted to ensure they understand the "industry terminology" in the regulator's Retail Distribution review, according to the Chartered Insurance Institute.

Financial planning firms are now able to apply for chartered status after the Chartered Insurance Institute introduced corporate status for its Chartered Financial Planner title.

Adviser examination rivals the Chartered Insurance Institute and the Securities & Investment Institute have joined forces to create a uniform financial services qualification.