Skip to main content
Personal Finance Professional – setting standards and guiding the profession - return to the homepage Personal Finance Professional logo
  • Search
  • Visit Personal Finance Professional on Instagram
  • Personal Finance Professional on Twitter
  • Visit @PersonalFinanceSociety on Facebook
Visit the website of the Chartered Insurance Institute Logo of the Chartered Insurance Institute

Main navigation

  • Home
  • News
  • News analysis
  • Features
  • Study room
  • Opinion
  • PFS Radio
  • Digital magazine
Quick links:
  • Home
  • Personal Finance Professional Issues
  • SPRING 2022
News

CII confirms local institute grants for 2022

Share on
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print
Open-access content Tuesday 15th February 2022
web_p8_News_Membership_CII-confirms-local-institute-grants-for-2022_CR

The Chartered Insurance Institute (CII) has confirmed it will reinstate its historic funding model for local institute (LI) funding for 2022.

This model seeks to share the available funds – £1.5m as signed off at the CII’s 2021 AGM – equitably, as a payment based on the annual assessment completed by each LI’s members during the summer months.

The CII’s network of 56 LIs is run by dedicated groups of insurance and personal finance professionals, providing members with a programme of services including technical, market and regulatory CPD events, soft skills and business-related training, student career guidance, mentoring, social and networking activities.

Sian Fisher, exiting CEO of the CII, said: “We are delighted to confirm local institute funding for 2022 is being restored to the historic funding model.

“Earlier in 2021, when it was clear that institute operating costs would be lower as a result of the ongoing pandemic, the CII asked all local institutes to consider a revised funding proposal for 2021, one that would allow for rapid financial recovery while also ensuring that the CII could continue to invest in and develop its membership proposition for the future.

“As part of this, we also asked the local institutes that had significant financial reserves to voluntarily utilise those reserves, where possible, before taking additional grant payments. This led to an overall reduction in the grants paid by the CII in 2021.

“The important network of local institute ‘hubs’ across the UK, the Channel Islands and the Isle of Man play a critical role in the experience of our members throughout their careers, and we are very grateful for the support shown by the local institutes during such a challenging and unprecedented time for the profession.

“As the findings from the CII’s ‘Shaping the future together’ consultation emerge, we look forward to continuing our work together to support our valued membership,” concluded Ms Fisher.

Accordingly, and in line with the approach taken in previous years, payment of 50% of each LI’s ordinary grant will be made in January 2022. Further, as set out in the reserve policy, where an institute’s reserves exceed 12 months’ operating costs, the second tranche of the ordinary grant will be adjusted to ensure reserves are kept at the appropriate level.

The payment of this second tranche will be made in July, following receipt of each institute’s annual financial returns.

Image credit | Shutterstock

Linked PFP_Spring 2022.jpg
This article appeared in our SPRING 2022 issue of Personal Finance Professional .
Click here to view this issue

You may also be interested in...

web_p8_News_Society-of-mortgage-professionals_Carlos-and-Liz.png

SMP appoints new chair and vice-chair

Carlos Thibaut, formerly CEO of 360Dotnet, is the new chair of the Society of Mortgage Professionals (SMP).
Tuesday 15th February 2022
Open-access content
web_p7_News_Regulation_CREDIT_shutterstock_385638904.png

Financial planners identify regulation as biggest challenge

Regulation is the biggest challenge to the way financial advisers work in 2022, according to a PFS poll.
Tuesday 15th February 2022
Open-access content
web_p9_News_Vulnerable-customers_CREDIT_iStock-665790070.png

More than a third of finance professionals 'vulnerable' in the last 12 months

A recent Chartered Body Alliance (CBA) global survey has revealed the realities regarding the treatment of customers in vulnerable circumstances, including that 33% of respondents working in financial services considered themselves to be vulnerable within the last 12 months.
Tuesday 15th February 2022
Open-access content
web_p9_News_Membership_PFP-Winter-2021.png

PFP goes plastic-free

Our PFS membership magazine has now gone plastic-free. Personal Finance Professional and the envelope it is mailed in are now 100% recyclable.
Tuesday 15th February 2022
Open-access content
web_p7_Personal-Finance-Society_NoStrapline_DarkGrey_Standard_CMYK

PFS reveals plans for for 2022

A key focus for the PFS for 2022 is building a strong, sustainable and profitable profession, to ensure financial planners continue to empower people to have confidence in managing and planning their finances. Faced with changing
Tuesday 15th February 2022
Open-access content
web_p6_News_Appointments_10247_CREDIT_Jon-Enoch.png

CII announces interim CEO for continuity in 2022

The Chartered Insurance Institute (CII) has announced that Jonathan Clark has been appointed interim CEO.
Tuesday 15th February 2022
Open-access content
Filed in
News
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

BECOME A MEMBER

BECOME A MEMBER

SUBSCRIBE TO PRINT

SUBSCRIBE TO PRINT
PFP
​
FOLLOW US
Twitter
LinkedIn
Youtube
CONTACT US
Tel: +44 (0) 20 7880 6200
Email
Advertise with us
​

About the PFS

About us
Membership
Qualifications
Events

PFP magazine

Digital magazine
Podcasts
Blog
News

General Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Write for PFP Magazine
Want to receive PFP Magazine
Not a member but interested in knowing more? Click here.

© 2023 • PFP Magazine is published by Redactive Media Group. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ