Previously, Chartered members joining from other professional bodies had to do a year’s CISI CPD before applying for Chartered CISI status.

Now individual Chartered members, and those who have successfully completed CPD for at least one year with another FCA-Accredited body which holds a Royal Charter, can apply to be Chartered member of CISI.

If they meet the criteria they will be able to use Chartered CISI statuses almost immediately.

The CISI provides the Certified Financial Planner (CFP Professional) and Chartered Wealth Manager designations. The criteria for CFP Professional status has not been changed.

The move makes it easier for Chartered Financial Planners and other advisers holding Chartered status with another professional body, to move to the CISI and achieve Chartered CISI status soon after the transfer if the conditions are met. Some will be able to be members of both the CISI and another professional body, enabling them to hold dual status.

The rule change was made on 5 June when applications for the new, simpler Chartered status were opened.

The CISI says it has made the change because it, "recognises the achievements that those working across the financial services sector can gain with other professional bodies as well as the CISI, whilst wishing to attain their ongoing CPD through our membership.”

The CISI says the change will allow communities to maintain their consumer, peer and colleague-recognised “Charter” designations.

Kevin Moore, the CISI’s global business development director, said: “We recognise that career paths are increasingly non-linear and wish to acknowledge the achievements of those who have studied elsewhere, as well as offering firms the option to align their CPD offering for their employees.

“CISI Chartered Membership can also be attained through the CISI via a Level 4 qualification from other relevant professional bodies and five years CPD.”

While the changes will make it easier for Chartered advisers to move to the CISI and retain their status the changes do not affect CISI Fellowship status.

Mr Moore added: “Crucially access to the CISI ‘Fellowship’ is still only for those who have gained a pinnacle CISI qualification in their specialist area.”

An experienced industry professional welcomed the changes.

She said: “I’ve been a member of the PFS/CII for a number of years, and also the CISI in the past, but have always tended to stick with the PFS as my primary professional body due to my designations. I’m now a member of both as the service offered by the CISI for members through CPD, support and as a Financial Planning community is just excellent and so forward thinking.

“In my view, this is a really good move by CISI; being able to be Chartered with a second professional body, and giving Financial Planning professionals more choice over which body they use is so important; both in raising professionalism and creating public trust in our profession.”