Three financial services professional bodies have joined together to form the "Chartered Body Alliance" in a move to enhance the reputation of the financial services industry.
The alliance comprises the Chartered Insurance Institute, the Chartered Institute of Securities and Investments, and the Chartered Banker Institute.
Representatives of the three bodies were at pains to stress the alliance was not a merger, describing it instead as a "virtual alliance".
In the "chartered body commitment", the alliance commits to working together on government submissions, hosting joint events and "promoting the importance of professional status".
Cisi chief executive Simon Culhane said the alliance would not have its own staff, but did already have its own website (charteredbodyalliance.org) and Twitter account.
He added the chief executives of the three bodies would meet quarterly to discuss the alliance's activities and objectives.
He added the body had informal conversations with the Financial Conduct Authority, and that the regulator backed the move.
Having one principle body promoting professionalism and promoting the reputation of the industry can only be a good thing.Darren CookeSpeaking generally about the alliance's aims, Mr Culhane said: "We want consumers to be reassured when they interact with a member of a chartered body and recognise that these individuals have the right knowledge and skills, and adhere to high standards of integrity.
"Chartered or certified designations possessed by alliance members are a mark of authenticity, quality, reliability and trust," he said.
Sian Fisher, chief executive of the CII, said the alliance was about "inspiring public confidence and trust in professional standards".
Simon Thompson, chief executive of the Chartered Banker Institute, added: "I believe that having three of the leading professional bodies in financial services working more closely together will help enhance and sustain professionalism in financial services and lead to an improvement in public confidence and trust, and to a renewed sense of pride within the profession."
Darren Cooke, a chartered financial planner with Red Circle Financial Planning, welcomed the move.
He said: "Having one principle body promoting professionalism and promoting the reputation of the industry can only be a good thing."
He said a large portion of the public still viewed financial advisers as "salesmen and con-men who are in it for themselves".
He added he hoped the alliance would lead to a more unified qualification regime for financial advisers.
james.fernyhough@ft.com
