The Institute of Financial Planning (IFP) Board has voted in favour of proceeding with the proposal to merge with the Chartered Institute for Securities & Investment (CISI).
The vote comes after a consultation with its members. The Board believes that the merger would bring a number of benefits, including accelerating delivery of the IFP’s core strategic objective of helping to grow the financial planning profession for the benefit of UK consumers, whilst improving the service and support that it can deliver for members.
IFP President Rebecca Taylor (pictured above) said: “The board has greatly appreciated the honest discourse we have received from members. Whilst positive overall, important concerns have been raised, to which we will give full and detailed attention, following on from the thorough discussions of all key issues which took place at the IFP board meeting on 4 September 2015.
“Now we start the difficult job of ensuring that all the important issues raised as part of the consultation process are covered off as we work with CISI to proceed to the contractual stage. Over the next few weeks we will be working closely with CISI to work through those issues and ensure that processes are in place for a smooth and effective transition. We are working towards a target of completion by the end of Q4 but will provide a further update on our progress in a few weeks time.
“On behalf of the whole IFP board, I wish to express our thanks to all those members who took the time to engage with us during the consultation process. We also wish to extend our thanks to the IFP team in Bristol for their incredible efforts in assisting with the consultation process in a highly professional manner and in the face of what has been an uncertain future.
“We understand that this merger would represent a significant change for the IFP and our profession but we believe that it represents the best way of ensuring the strongest future for Financial Planning that we all care so passionately about. In the interim, it’s business as usual at IFP as we prepare for our biggest ever conference in October, and continue to develop Financial Planning for the benefit of consumers in the UK.”
This article was originally featured in IFA Magazine (www.ifamagazine.com)