Upcoming changes to the chartered financial planner status for firms could be deferred as part of a new consultation into the regime.
Yesterday (16 August) the Chartered Insurance Institute (CII) launched a consultation on its corporate chartered designation to ensure it remains a "badge of trust" for consumers and the public.
But some of the changes proposed when the designation was last reviewed in 2014 have not yet come into effect and were scheduled to do so in 2020.
One of these changes was the requirement for all firms applying for or renewing their status to have at least 50 per cent of their advisers holding the chartered financial planner title.
At the moment only 25 per cent of advisers within a firm must hold the chartered financial planner title for the business itself to be eligible for corporate chartered status.
Keith Richards, chief executive of the Personal Finance Society and managing director of engagement at the CII, said: "The 2020 proposals were introduced in 2014 but are now potentially superseded by the proposal in this consultation where we suggest deferring it to harness the progress that has been made without pulling the rug from beneath those not quite there yet.
"We are more engaged with our members than ever before and the evident commitment and excellent progress being made by all members of the Personal Finance Society deserves recognition."
He added: "We would not want to see any firm committed to the ethos and principals of being chartered having to lose the status due to an ambitious time-frame set back in 2014 or unintentionally discouraging others from driving ahead to achieve corporate chartered status.
"Consultation is however the right approach to ensure as many member views as possible are gained to help shape our ultimate decision."
Corporate chartered status was launched 11 years ago and includes three titles - chartered insurers, chartered insurance brokers and chartered financial planners - which are held by more than 900 firms.
Most of these firms consist of the 720 chartered financial planners, with chartered insurance brokers accounting for another 184.
The consultation on corporate chartered status will review the eligibility criteria for the status, the process for applying for and renewing this status, and how the status is monitored.
It will run until Monday 24 September and its key findings will be published in early 2019 or sooner if concluded.
damian.fantato@ft.com
