Firms which meet the necessary criteria will be able to describe themselves as CISI Chartered Firms. The criteria needed will be published once they have been agreed and ratified by the CISI membership committee and board.

Simon Culhane, Chartered FCSI said: “Almost six years after the Institute merged with the Institute of Financial Planning, we are delighted to be able to award this group the highest level of recognition, Chartered Fellow (Financial Planning). Those CISI members who hold the CISI Chartered Wealth Manager qualification have long been recognised by their peers, so it is a delight that we can now similarly do so for financial planners.

“Once we’ve put into place some key internal processes, we look forward to receiving applications for these new Chartered designations from our firms and members which will ultimately enhance consumer confidence in our profession worldwide.

“This is part of our ongoing work to increase the professionalisation of CISI global members, for which we have worked since our formation in 1992 and builds upon our motto ‘My word is my bond’.”

The timing could not be better for the professional body. Rival professional body the Personal Finance Society (PFS) is going through well publicised struggles with parent organisation the Chartered Insurance Institute with rebels fighting against its deregistration.

Financial Planners shared their thoughts with Financial Planning Today earlier this month about the potential deregistration of the PFS, including speculating that many Financial Planners could chose to shift their membership to the CISI if the situation with the PFS is not sorted soon. 

The new designation Chartered Fellow (Financial Planning) will allow those CISI members with the global Certified Financial Planner certification to complement their CFPTM designation with this new Chartered status.

The CISI Chartered Firm status will be available now for CISI members who operate in the wider investment management and securities sector.