The CII says the changes follow its 'Shaping The Future' report which asked members for feedback on CII services and structure.

The CII says the proposals to introduce "streamlined qualifications, modern assessment methods and behavioural content"  were widely support by members.

Over the next 12 months the CII plans to:

• Pilot changes to the assessment method for the R06 Financial Planning Practice qualification
• Pilot changes to the way qualifications are delivered, with a digital qualification format to be offered for international qualifications
• Launch the Professional Map, an interactive tool that allows professionals and employers to self-assess knowledge and skills gaps and find ways to fill them
• Engage with practitioner advisory groups to design qualification structures for the future evolution of the Professional Map

Helen Phillips, chair of the Chartered Insurance Institute, said: “We have listened, learned, and acted to deliver what our members told us they need to raise public trust in the power of the insurance and Financial Planning profession.

“Professionals are proud to achieve Chartered Insurance Institute qualifications and we have listened to feedback that we should not dilute the value our assessments have in highlighting a high level of technical ability. We will ensure we pilot changes to our qualifications and only introduce modern assessment methods and behavioural content following consultation with relevant stakeholders.”

The professional body, widely criticised over plans to deregister its Personal Finance Society Financial Planning arm as a separate company, will also engage more with local institutes, membership societies and regional committees, strive to help shape future regulation and place more emphasis on adherence to professional standards when professionals apply for and renew their membership.

The CII also plans to do more to communicate to consumers the value of choosing a Chartered firm and appoint a new Leader of the Personal Finance Society as it builds a new 'business plan' for the PFS.

Sarah Lord, President of the Personal Finance Society, said: “The Personal Finance Society board recognises that the CII has listened to its members and is evolving its strategy to reflect the range of feedback received. 

“A core focus of our PFS strategic plan, to be shared at our 2022 Annual General Meeting, is the development of the professional qualification framework delivered by the CII, so it is great to see that this sits high on the agenda for the CII too. 

“It is clear our members want a continued focus on championing how the profession truly delivers holistic advice by putting clients, not products, at the heart of what we do. They also want to achieve greater appreciation from policymakers and other key stakeholders in the power of financial planning, recognising the role we play in building public confidence

“The PFS Board is focused on continuing to enable all members to enhance their skills, improve their services, continuously raise the bar of professionalism and will be working with our colleagues at the CII to achieve this.” 

The report concludes the next 12-months of work will provide a strong framework for the development of the CII’s next five-year strategy, which will be published in early 2023.