The IFP is today sending to members a proposal to merge with the Chartered Institute for Securities & Investment (CISI).
The IFP board believes it is the best move to develop Financial Planning in the UK and to more widely establish the Certified Financial Planner qualification.

IFP members will be consulted on joining with the CISI, which was formed in 1992 by London Stock Exchange practitioners, with the board stating that it hopes members will support the move.

Terms for the deal have already been agreed but the IFP Board will meet on 4 September to consider feedback from members before making a decision on whether or not to proceed.

Rebecca Taylor FIFP, CFP^CM, President of the IFP, said: “The IFP is an amazing organisation and community, and one that I am so proud to be part of. I realise that change is never easy, but evolution is essential to stay strong and progress. Following a recent and lengthy strategic review by the IFP Board, we consider that IFP would be an even more powerful influence as a result of joining with CISI.”

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Ms Taylor said: “We see this proposed merger as a win-win for practitioners and consumers. One of our key roles has always been to help the wider public recognise, but also embrace, the difference between Financial Planning, financial advice and wealth management. Crucially, for IFP, is the development of the understanding and wider promotion of a real Financial Planning service for existing clients and for consumers more broadly.

“Whether or not this merger proceeds will depend on the feedback we receive from our members.

“We are embarking on a busy month which will involve webinars, face-to-face meetings and phone calls with members. Our priority is to ensure they have the opportunity to consider fully the proposals and have their say in what we believe could be a significant and positive development.”

An IFP statement read: “The Board considers that the proposed merger would fully support the IFP’s core strategic objective which is to accelerate growth of the Financial Planning profession for the benefit of UK consumers. The IFP Board believes that strategic partnerships represent a primary route to enabling greater numbers of professionals to learn the knowledge and skills needed so that more consumers can benefit from genuine Financial Planning.”

The CISI has a "global community" of more than 40,000 members in 121 countries and last year more than 41,000 CISI exams were undertaken in 73 countries.

Originally called the Securities Institute, it changed its name to Securities & Investment Institute in 2004, before becoming the CISI in 2009.