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PFS and Cisi in talks over chartered status

PFS and Cisi in talks over chartered status

The Personal Finance Society and the Chartered Institute for Securities and Investment have been “in contact” about sharing the chartered financial planner label.

The Chartered Institute for Securities and Investment (Cisi) is calling for its members to benefit from the same recognition as those from the PFS.

But the PFS has expressed scepticism about the value of opening chartered status to more bodies.

A spokesman for Cisi said: “Cisi has been in contact with the PFS about being able to use the Chartered Financial Planner designation and it would not be appropriate to go into further detail at this stage.

“Cisi members, mostly from the Institute of Financial Planning, who hold the Certified Financial Planner qualification are at the pinnacle of their profession and we would like to recognise them with the Chartered Financial Planner designation.”

Chartered titles can only be handed out by bodies incorporated under Royal Charter and approved by the Privy Council.

Both the PFS – as a member of the Chartered Insurance Institute – and the Cisi are incorporated under Royal Charter.

But while the former can only hand out the chartered financial planner designation, the latter can only hand out the chartered wealth manager title.

There are already 5,300 members of the PFS with chartered financial planner status, and another 8,500 on the journey to the designation.

Keith Richards, chief executive of the PFS, said: “Our chartered financial planner designation has grown in demand post Retail Distribution Review (RDR) and continues to be the pre-eminent designation for the financial planning profession and consumers equally recognise the value of the chartered brand.

“The Privy Council entrusts our organisation with the responsibility to support the public interest by ensuring members of the financial advice and planning profession meet the highest professional, technical and ethical standards.

“It is difficult to see what value there would be in extending this responsibility to other professional bodies but we are always open to discussion.

“Our focus is on continuing to develop and promote our financial planning programme, as well as supporting the wider advice profession and playing a key role in influencing the future direction of the sector.”

damian.fantato@ft.com