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What Is Chartered Status and Why Is It Important?

A Chartered Financial Planner status is awarded by the Chartered Insurance Institute (CII). Having a Chartered Status demonstrates commitments to the highest industry standards. In addition to the individual Chartered status, firms can also attain Corporate Chartered status from the CII.

In 2019, only 13% of UK firms were Chartered.

What is the Chartered Insurance Institute?

The body was created to set the bar for good practice within the financial industry.

“We are a professional body dedicated to building public trust in the insurance and financial planning profession.” 1

What is Chartered Status?

To gain a Chartered Status, members must follow the Chartered Insurance Institute published code of ethical practice, provide knowledgeable advice backed up with high qualifications and CPD; as well as seek good customer outcomes.

The Chartered mark is a representation of competence and signifies a commitment to high professional standards.

To achieve this status, over half of the advisory staff must have an individual Chartered Status, as well as one board member. Demonstrate high levels of professional, technical knowledge and competence through industry experience and professional qualifications. A commitment to continuous professional development to keep skills and knowledge up to date. Also, to adhere to the CII code of ethics.

Why Is It Important?

Reviewed by the Chartered Insurance Institute annually, all Charted Status businesses must prove they are still eligible. This includes:

“• Comply with the Code and all relevant laws and regulations

• Act with the highest ethical standards and integrity

• Act in the best interests of each client

• Provide a high standard of service

• Treat people fairly regardless of age, disability, gender reassignment, marriage/civil partnership, pregnancy/maternity, race, religion or belief, sex and sexual orientation” 2

By following these strict guidelines and demonstrating high experience and knowledge within the industry; clients of Chartered professionals can expect a high level of professionalism represented in their hard-earned Chartered recognised status.

The Chartered Insurance Institute recognition aims to highlight credibility within businesses, “By choosing Chartered, you are choosing a business that has reached an objective standard of technical knowledge and conduct, a business that will follow good practice and ensure their skills are up to date with market standards.” 3

At Schofield, we are a Chartered Status firm

Schofield are proud to have 6 Chartered individuals and Corporate Chartered status.

Driven by our commitment to putting our client’s values at the heart of what we do, we always provide the best advice tailored to you. Our Chartered Status mirrors our high standards of service and upholds our commitment to professionalism.

If you’d like to learn more about our Chartered Status, feel free to get in touch with one of our expert financial advisors today!

This article is for information purposes only. It does not constitute any financial or investment advice.


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