The move will include Corporate Chartered Financial Planner firms.
The professional body, the parent organisation of the Personal Finance Society, says it make the change to ensure diversity policies are “delivering positive change for the profession and wider society.”
From 2021 the CII will request examples of the impact any diversity strategies are having on Chartered firms when they wish to renew their Chartered status.
The Chartered Insurance Institute says it is committed to making sure the diversity and inclusion policies that Chartered firms have in place are making a “positive difference” to the the profession.
Last summer the CII unveiled five actions it would take to ensure Corporate Chartered Status is “modern relevant and diverse”, and to ensure Chartered firms have a positive social impact and contribute to the development of the wider profession.
One of the actions saw the CII introduce a requirement for Chartered firms to have a diversity and inclusion policy from July 2019 onwards.
To assist insurance and financial advice firms the CII issued guidance on approaches businesses could take to establish an “inclusive culture that leads to fair outcomes and promotes respect and equality.”
More than 900 Chartered firms that are seeking to retain their Chartered status in 2020 have confirmed they will have a diversity and inclusion policy in place by the end of this year.
Melissa Collett, professional standards director of the CII, said: “It is vital the requirements for Corporate Chartered status ensure the profession remains modern, relevant and diverse.
“Corporate Chartered Status requirements are continually reviewed to ensure relevance and are overseen by the CII’s Professional Standards Committee, which is chaired by an independent legal practitioner and includes representatives from across the profession as well as consumer groups.
“We believe that by actively listening to the feedback from stakeholders, we can continue to build public trust in a more diverse, inclusive and united profession.”
For firms to become Chartered Financial Planners, 50% of a firm’s advisers must hold the Chartered Financial Planner title from January 2020. However the CII may use its discretion on a case-by case basis where a previously qualifying firm subsequently falls beneath the criterion for a period of time.
Details of the changes are here: https://www.cii.co.uk/membership/join-us/chartered/corporate-chartered/chartered-content-hub/articles/corporate-chartered-status-top-5-changes-delivered/94132