IFP members will be consulted from now until 3 September before the IFP board makes a final decision on whether to proceed.

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In a statement this morning, the CISI said: “We very much hope that IFP’s members will agree with us that a combination of our two Institutes would provide additional strength and an even greater presence in the Financial Planning sector.

“We value the IFP brand, its membership structure and events which would be retained and enhanced as an integral part of the new combined entity. IFP’s members would feature prominently throughout CISI’s on-going Financial Planning activities and its President would be invited to join the main CISI board of trustees.”

CISI officials expressed their ‘delight’ about the deal and said in the statement: “We have recognised for many years the leading position that IFP holds in the Financial Planning and Paraplanning profession.

“We also recognise the increasing importance of Financial Planning to consumers and those dealing with them in the Adviser and Wealth Management sectors.

“IFP is the leading standard bearer in the Financial Planning and Paraplanning profession, which is clearly demonstrated by both the members and the breadth, rigour and reputation of its professional qualification, the level 6, Diploma in Financial Planning which leads to the Certified Financial PlannerCM designation.

“The IFP members uphold and abide by the same rigorous ethical standards as CISI’s, entitling their members, like ours, to stand tall whenever integrity is measured.

“For our members, this merger would widen the choice of qualifications and pathways available, extending the opportunities for them to develop their careers in the field of wealth management.”