The Institute of Financial Planning board announced this week that it had voted to formally approve the merger with the CISI and also announced that interim CEO Steve Gazzard will be stepping down and CEO Nick Cann, who is on long term sick leave after suffering a stroke, would leave the organisation.
The completion date for the merger between the two is planned for 1 November. Over the next few weeks, the CISI will be working closely with the board and the IFP and FPSB UK teams in Bristol to move forward the transition.
The IFP says that business will continue as normal during the transition including the IFP Annual Conference, which takes place next week from 5-7 October at the Celtic Manor Resort in Wales. Record numbers are expected to attend the event with over 400 Financial Planners booked in an nearly 700 total delegates expected to attend. Representatives from the CISI will also be attending the event at Celtic Manor Resort in South Wales and there will be a Q+A session with the board enabling members to ask questions.
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Simon Culhane, Chartered FCSI and CISI CEO, said: “We are very pleased that this important formality has been confirmed. Our aim, with the support of current IFP President Rebecca Taylor, the IFP Board and the IFP team in Bristol, is to ensure that the merger process stays on track to complete by 1st November.”
Rebecca Taylor FIFP, CFPCM, President of IFP, said: “We’re excited that this merger is now going ahead. It represents a very positive step forward for the IFP, the CISI and the UK Financial Planning profession and provides significant opportunities for growth going forward.”
The CISI and IFP will now start the integration process to be ready for implementation on 1 November.
The CISI’s mission is to help members attain, maintain and develop their knowledge and skills and to promote the highest standards of ethics and integrity in the securities and investment industry. It is based in the City and is a global organisation with offices in financial centres such as Dublin, Singapore, Hong Kong, Dubai, Mumbai and Colombo. It has 40,000 members in 121 countries and has expanded in recent years into wealth management with its Chartered Wealth Manager designation.