The Chartered Institute for Securities & Investment (CISI) has confirmed it will award financial planners with Chartered status.

The Sovereign approved the recommendation, which was made by the privy council, that the CISI may use the status for CISI members who have achieved the certified financial planner certification.

The criteria, which firms will have to meet to gain the award, will be published "soon" once they have been agreed by the CISI membership committee and board. Firms will also be able to bid for Chartered status.

CISI chief executive Simon Culhane (pictured) said: "Almost six years after the institute merged with the Institute of Financial Planning (IFP), we are delighted to be able to award this group the highest level of recognition, Chartered Fellow (financial planning).

"Those CISI members who hold the CISI Chartered wealth manager qualification have long been recognised by their peers, so it is a delight that we can now similarly do so for financial planners."

Culhane continued: "Once we've put into place some key internal processes, we look forward to receiving applications for these new Chartered designations from our firms and members which will ultimately enhance consumer confidence in our profession worldwide.

"This is part of our ongoing work to increase the professionalisation of CISI global members, for which we have worked since our formation in 1992 and builds upon our motto ‘My word is my bond'."

Morgan Williams financial adviser Daniel Williams said the move was a "real positive" for advisers who operate under the CISI. "As an industry, we are always trying to move forwards and it is great that professional bodies are working to move with the times.

"I am sure that there will be a sense of jubilation having (finally) achieve approval. I hope the advisers who will be taking advantage of their new Chartered status will use it to demonstrate to their clients the hard work and achievement it represents.

"It's a great reflection on how our profession has transformed over a relatively short period of time. Whilst I am sure many will see this as competition between the CII and CISI, both routes and accreditations have their merits and ultimately it is great for firms to have a choice of which body best represents what they are trying to achieve."

First published by our sister title Professional Adviser