Melissa Collett explains how the CII is helping Chartered firms with status renewals during the coronavirus crisis
As the coronavirus crisis affects our members' personal as well as professional lives, the CII has taken a decision to make the renewal process for Chartered firms as efficient as possible, while still maintaining the necessary standards and demonstrating the trust we have in them.
The CII's aim is to ensure existing Corporate Chartered firms are given extra support to maintain their Corporate Chartered status (CCS) during this difficult time, when firms' resources are stretched with helping customers deal with the impact of the economic downturn. Firms are also under pressure at this time to support staff with remote working and maintaining financial resilience.
For these reasons, Corporate Chartered firms facing the renewal process during this period of lockdown have been given the option for a Responsible Member to read and sign a temporary renewal declaration form. By confirming key information, the Responsible Member is giving the CII assurance that the firm continues to meet the criteria for Chartered status and therefore the renewal can proceed without the need for a complete review.
As a board director of a Chartered firm, the Responsible Member takes on the role of ensuring that the Corporate Chartered firm complies with the CCS terms and conditions at all times, and undertakes to notify the CII if there is any material change in the firm's details or ability to meet the criteria for CCS. The current crisis does not change this obligation. Indeed, it is the strength of this that allows the CII to help Chartered firms complete the renewal process with minimal administrative burden during this period.
It should be emphasised that this modified process will not in any way relax the required standards for Corporate Chartered status, which are still required to be met. This recognises the trust we place in Chartered firms' and Responsible Members' ongoing compliance with the CCS rules and criteria.
We are aware that our members' priority is to follow government guidance to slow the spread of the coronavirus and help clients concerned about the impact of these unprecedented times on their financial circumstances.
Given this unique and challenging time for us all, we believe that, as a professional body, one of the ways we can offer support to the profession is by temporarily reducing administrative requirements, allowing members to focus on continuing to serve clients as effectively as possible.
If your corporate Chartered status is due for renewal during the next few months and you require the temporary CCS renewal form, please get in touch with our Corporate Chartered customer service team via telephone or email:
Tel: 020 8989 8464 Email: firstname.lastname@example.org
Melissa Collett is professional standards director of the CII