CII thanks RDR for 7% revenue boost

A rush of advisers taking exams in order to meet qualification requirements proposed in the Retail Distribution Review (RDR) helped the Chartered Insurance Institute (CII) post a 7% jump in revenue to more than £30m in 2008.

The not-for-profit organisation says it saw a 60% uptake in sittings of its Diploma in Financial Planning paper, helping it increase its revenue from £28.4m in 2007 to £30.3m last year, and a 2% rise in membership to over 93,000 members.

It says the cash helped pay for the new Financial Planning Practice Paper (J08), which was launched in February, and a third annual round of exam dates, which will also now be held in July.

Dr Alexander Scott, CII Group chief executive, says the organisation saw growth in "every area" of the business.

"It is widely recognised that during periods of economic downturn people do tend to focus on their personal development and try to increase their perceived value by undertaking more qualifications and training," he says.

Scott adds the CII is "noticing a strong beginning" to 2009 but says it must "exercise suitable caution due to the unstable environment".

charlotte.banks@incisivemedia.com