| Link(s): | Corporate Chartered changes | Chartered Insurance Institute (CII) Corporate Chartered consultation FAQs Corporate Chartered Update |
Context
The CII has announced that it is to introduce changes in and improvements to its rules so that more customers can benefit from the services of a Corporate Chartered firm. The CII is moving from a restrictive ‘one size fits all’ approach to support a wider range of firms and business models while continuing to maintain and enhance professional standards. The rules will continue to be synonymous with quality, built on robust entrance criteria and ongoing monitoring.
Key points to note and next actions
- In a recent webinar the CII explained the changes it is making in relation to how firms evidence their eligibility for chartership status.
- The CII is outlining the changes to documentary evidence that it is now going to be requesting from firms which, according to the CII, firms should already have in place as part of being compliant with FCA regulations and Consumer Duty.
- The CII paper includes the reasons it is making changes, what it has been doing, what it has learned, and what is changing and when. The new “evidence” requirements have been introduced in July 2026.
- The CII has included a set of FAQs in relation to the Consultation that has driven these changes.
- On page 3 of the document the CII lists the new “evidence” that it will be requesting. On page 4 it has also detailed what comes next and that, later this year, the CII will confirm timelines for future changes and lists what firms will be asked to demonstrate at that time.