CII freezes subscription levels; Unveils strengthened Code of Ethics

The CII has elected to freeze membership subscriptions at 2008 levels until at least the end of 2010, in consideration of the economic downturn.

Its annual results show 2008 was a strong year for the body as the focus was firmly on boosting standards of professionalism as a part of the RDR proposals.

Overall revenues increased by 7% to £30.3m in 2008 compared to £28.4m in 2007. Operating surplus was £0.8m (2007: £0.6m), and net surplus, after investment returns and taxation, was £1.9m (2007: £1m).

The number of members with Chartered Broker status has now exceeded 2, 500 while the number of PFS members with the Chartered Financial Planner designation has risen to 1, 700.
 
The CII has also unveiled a strengthened Code of Ethics supported by new president Barry Smith, CEO of Fortis UK.

New Code of Ethics' central principles are that members should:

•    act with the highest ethical standards and integrity
•    act in the best interests of each client
•    provide a high standard of service
•      treat people fairly, irrespective of: race or racial group; sex or sexual orientation; religion or belief; age; and disability
•    comply with the code and all relevant laws and regulations.

Members who do not comply with the code may face disciplinary action from the CII.