The IFP Board said it would “lead to continuation of the powerful IFP identity and culture”.

IFP and Certified Financial Planner professional status would be marketed to all of CISI’s existing Wealth Manager and banking members.

This would be “paving the way for significant growth within a new market for IFP and for Financial Planning at large”, the IFP said.

There would be a pathway for CFP professionals to the Chartered Wealth Manager designation and vice versa.

A new IFP Professional Forum, run by the existing IFP Board, would be set up as a distinct part of CISI.

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The IFP Professional Forum would drive IFP strategy, supported by the additional resource that would become available from CISI which is based in the City of London and has 40,000 members.

All IFP staff would have the opportunity to move across to the new structure and the IFP President would sit on the main CISI Board.

The IFP board said it would help to create greater awareness of the value of Financial Planning among consumers and the FCA.

A new Level 4 qualification incorporating key Financial Planning principles would be created by the merged body.

The IFP board said the merger would enable:

• Creation of an enlarged membership organisation offering enhanced financial and physical resources to generate greater future benefits for members while upholding the values of the IFP
• Development of the education and assessment activities of the IFP - enabling accelerated growth of all of the following Financial Planning designations: Certified Financial Planner^CM professional / CFP^CM professional, Fellowship, Accredited Paraplanner^TM, Accredited Financial Planning Firm^TM
• Delivery of a greater range of CPD opportunities for members
• Acceleration of the growth of the Financial Planning profession in the UK
• Securement of a long term licence agreement with FPSB for the development of CFP^CM certification in the UK

Existing IFP events, including the Paraplanner Conference and flagship Annual Conference, would continue.

Financial Planning qualifications and designations (including Certified Financial Planner^CM Professional, Accredited Paraplanner^TM, and Accredited Financial Planning Firm^TM) would be supported.

The IFP will be sending more details of the proposals to members today as it begins its consultation process.

The IFP was formed in 1986 to:

• promote the profession and practice of Financial Planning
• increase public awareness of the need for Financial Planning
• raise standards in the quality of Financial Planning advice being provided to consumers
• create recognised professional qualifications for its members
• encourage strong ethical standards through its Code of Ethics and Practice Standards
• encourage education in the theory and practice of Financial Planning amongst members
• help members share knowledge and skills with other professionals for their clients’ benefit
• establish a Registry of CERTIFIED FINANCIAL PLANNER^CM professionals

Qualified Financial Planners carry the CERTIFIED FINANCIAL PLANNERCM or CFP^CM certification mark. The IFP is the licensing authority for the CFP marks in the United Kingdom, through agreement with FPSB. There are more than 150,000 holders of the CFP^CM mark worldwide.

The IFP is recognised by the FCA as an Accredited Body and serves a membership of more than 2100 members including 1000 CFP professionals. A programme of national events and training courses, and a regional ‘Branch Network’ centred around 22 areas supports members’ development needs. Membership is drawn from across the financial services community.