After years in the doldrums, the number of CFP Professionals in the UK grew by 6.3% over the past year, the CISI has reported.
The CISI, the provider of the global CFP qualification in the UK, said CFP numbers in the UK rose to 957 at the end of 2022, up from 900 the year before.
Recently the global Financial Planning Standards Board, the international body for CFP standards around the world, reported a record 213,000 CFP Professionals globally, up 5% on the year before.
CFP numbers in the UK have hovered around the 1,000 mark for the past 10 years or more but have declined slightly in recent years.
To reverse the decline the CISI has revamped the CFP qualification in recent years, introduced new training support and launched a Level 7 standard, higher than most Financial Planner qualifications in the UK.
The CISI said that in addition to the rise in numbers in 2022 there are currently more than 200 candidates studying for CFP certification.
Chris Morris, Chartered MCSI and CISI head of Financial Planning policy & engagement, said: “We are delighted to see the number of CFP professionals continue to grow both globally and here in the UK.
“Candidates often refer to taking the CFP as their ‘lightbulb’ moment due to the unique learning experience which focusses on holistic Financial Planning and the application of knowledge. This approach is very much in line with the FCA’s consumer duty which focuses on improving outcomes for clients as well as the continued appetite from consumers for objective led Financial Planning.
“Interest in CISI membership remains strong at this time of year as both individual members and firms makes plans for their years’ professional development.”
The CISI told Financial Planning today that the early part of the year often saw an increase in enquiries about certification and joining the CISI but it could did not record if any this year were linked to problems at the CII/PFS, currently embroiled in a row about the direction of the PFS.
The Denver-based Financial Planning Standards Board (FPSB) said the Americas and Asia-Pacific regions saw the biggest increase in CFP professionals in 2022.
The US has the highest number of CFP Professional at 95,137 and saw strong growth in 2022. The six territories with double-digit growth rates in the number of CFP professionals last year were Thailand (21.1%), Brazil (16.9%), Chinese Taipei (16.9%), Israel (16.6%), People’s Republic of China (12.6%) and Singapore (10.8%).
