Two Financial Planning awards were axed because entries “weren’t that good” in one category, while the other lacked a single candidate.

CISI chiefs said they were left disappointed after nobody entered the David Norton Building Excellence Award, set up in memory of one of the IFP’s founding members.

There was no CFP professional of 2016 after the half dozen entrants failed to reach the required standards laid down from previous years.

The two awards were due to be handed out this week at the CISI Financial Planning Conference. It was the first time the old IFP annual conference had run since the merger last November.

The CISI extended the deadlines for both awards in an attempt to find suitable winners.

Campbell Edgar Chartered FCSI, head of Financial Planning at the CISI, told Financial Planning Today there had been a half dozen entries on the shortlist for CFP pro of the year, but “the judging team said they weren’t up to the high levels and quality in practice as they have been in the past”.

He said it was “quite unfortunate” but that “they weren’t that good”.

Jackie Lockie Chartered FCSI, CISI deputy head of Financial Planning, said these entries were “still very comprehensive, well thought out plans” but they lacked the “extra levels required to be outstanding”.

While not being able to hand out the award this year was “a little disappointing”, she assured unsuccessful candidates that it was “not a case of that’s not good enough, goodbye” and that each entrant will be getting individual feedback.

This will show them why they fell short of the mark, with a view towards them being able to enter next time around.

Ms Lockie was saddened by the fact no firms entered the David Norton award, especially because he had been “one of the most influential past presidents of the IFP” and was “very passionate about Financial Planning”.

She said: “With him being so influential, it’s a great shame that members decided not to put themselves forward for that award.

“It was very disappointing and I don’t know if it was symptomatic of people watching and waiting (how the CISI would do after the merger) and missing it but we have been putting out publicity about it.”

Winners of the award, launched in 2008, must demonstrate how they have outstanding potential for excellence in Financial Planning combined with business management expertise.

This is shown by a commitment to ‘true’ Financial Planning, identification of the strengths and weaknesses in their company, embracing fee-based remuneration and having a well-thought out business plan.

Last year First Wealth were the winners. Previous victors include Fiscal Engineers, BoulterBowen Wealthcare and Page Russell. The CFP pro award was first launched in 2014, with Keri Carter CFPTM of Broadway Financial Planning being the first ever UK CFP professional of the year.

The prize for the David Norton award for 2016 was unchanged from what the IFP used to offer – a full 12 month membership of the FP Advance Uncover Your Business Potential Course and a day’s mentoring from Bridget Greenwood, of Financial Social Media UK.

Ms Lockie added: “At the end of the day there’s only so much you can do.”

Both Ms Lockie and Mr Campbell stressed both of the awards would be back again next year.

Ms Lockie said the CISI will be planning and promoting them much earlier and there will be “much more by way of publicity”.

Many other traditional IFP awards were handed out. See the winners HERE.

Congratulations @AcumenFP for winning Accredited Financial Planning Firm of the year #CISIconf #financialplanning pic.twitter.com/0WSeOh4vOr

— The CISI (@CISI) October 5, 2016