The requirements relating to the Board or Partnership have been extended to include ‘highest management team’. Why is this?
Corporate Chartered status is designed to attract the best firms from across the broking and financial planning sectors. To do this, it needs to reflect corporate structures and practices. Increasingly, organisations are being established whose principal business is not insurance broking or financial advice, but which have specialist divisions dedicated to this business. It would be both unfair and impractical to require the main board of such an organisation to meet the requirements of corporate Chartered status – this more properly lies with the relevant management team. For this reason the CII may, at its discretion, recognise the highest management team of a specialist division.
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