Why become Chartered?

Appropriate financial planning and insurance solutions are vital for the long-term well-being of individuals, families and businesses – and are a key driver of financial security and resilience.

The Chartered Ethos

Whilst there are many excellent insurers, brokers and financial planners that are not Chartered, corporate Chartered status involves a public declaration to professional standards. The declaration contains a series of commitments – made openly, transparently, and in full view of customers and clients.

The Chartered Ethos details our commitment as the professional body, to you the Chartered firm, and the commitments you make as a Chartered firm, to the public. The result of the Chartered Insurance Institute and Chartered firms both fulfilling their commitments is the reinforcement of public trust in the concept of Chartered firms.

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Value of corporate Chartered status

Achieving Chartered status delivers benefits to your business, your staff, and your clients. Publicly committing to building consumer trust, putting customers first, and aligning your ethics and values will improve your perception amongst other professionals. Over the years ahead, we are focusing on five priorities to ensure corporate Chartered status remains relevant and works effectively for all stakeholders.

1. Enhancing value

We recognise the considerable investment that Chartered firms are making in their professionalism and are committed to supporting these efforts with a more active platform of collaboration and promotion. We will actively support your contribution to the development of the profession and the building of public trust.

2. Relevance to changing business models

Amendments will be made to criteria relating to divisions and appropriate management teams, to ensure they better reflect the structures of organisations today. As of January 2020, 50% of advisers at Chartered Financial Planning firms must hold the Chartered Financial Planner title, an increase from the current 25% requirement. (Firms affected by this change will receive more information from us in 4 weeks' time.) Subject to a member vote and provisionally approved by Privy council, a new Chartered title will be launched to reflect the growth of the Management General Agent sector.

3. Applications and renewals

Digitising the application and renewal procedure, along with consolidating our 'rules' documents will ensure a simplified process.

4. Effective oversight

Changes to oversight arrangements will reduce unnecessary bureaucracy, while maintaining sufficient controls to ensure Chartered firms meet the Chartered requirements. We are also committed to greater sharing of information and tools that promote good practice.

5. Social impact

We have expanded the criteria around 'core values and business practices' to encompass diversity and inclusion. We will introduce an explicit reference to D&I in the criteria