The Chartered Insurance Institute has reinstated its historic funding model for local institutes for 2022, allowing adviser groups to fund their events .
The CII seeks to “equitably” share the £1.5m available funds, as signed off at the CII’s 2021 AGM, among its local outlets.
This will be distributed in two tranches - in January and over the summer months, based on the annual assessment completed by each local institute’s members.
Earlier this year, the CII moved all local institutes to a revised funding model for 2021 after deciding that institute operating costs would be lower as a result of the pandemic.
The revised model was “one that would allow for rapid financial recovery while also ensuring that the CII could continue to invest in and develop its membership proposition for the future”, according to CII chief executive Sian Fisher.
She said: “We are delighted to confirm local institute funding for 2022 is being restored to the historic funding model.
“As part of this, we also asked the local institutes that had significant financial reserves to voluntarily utilise those reserves, where possible, before taking additional grant payments. This led to an overall reduction in the grants paid by the CII in 2021.”
The CII’s network of 56 local institutes is run by groups of insurance and personal finance professionals, providing members with a programme of services including technical, market and regulatory CPD events, soft skills and business-related training, student career guidance, mentoring, social and networking activities.
The annual grants also enable Personal Finance Society members to deliver events that support their learning and development through their local institutes.
Fisher added: “The important network of local institute ‘hubs’ across the UK, the Channel Islands and the Isle of Man play a critical role in the experience of our members throughout their careers, and we are very grateful for the support shown by the local institutes during such a challenging and unprecedented time for the profession.
“As the findings from the CII’s Shaping the future together consultation emerge, we look forward to continuing our work together to support our valued membership.”
As part of the reinstated model, payment of 50 per cent of each local institute’s ordinary grant will be made in January 2022.
In addition to this, where an institute’s reserves exceed 12 months' operating costs, the second tranche of the ordinary grant - paid in July - will be adjusted to ensure reserves are kept at the appropriate level.
What do you think about the issues raised by this story? Email us on FTAletters@ft.com to let us know