The move will see the two bodies align its qualifications and share offices around the world.
Currently both organisations offer qualifications on the Financial Services Skills Council list of appropriate examinations for individuals wishing to become financial advisers. The SII is to withdraw its Certificate in Investment and Financial Advice (IFA Qualification) and will instead refer its students to the CII's Certificate in Financial Planning.
At the same time the CII is to offer its members the SII's Fund Management examination as part of the CII Diploma in Financial Planning framework. The examination covers the activities, knowledge and techniques required to undertake the management of funds for institutional clients.
Both organisations will also share an office in Mumbai, India. The CII has recently recruited Sainesh Dar to establish its first office in India which will be based in Mumbai's business district in Nariman Point and shared with the SII's representative Arwa Tapia. Consideration will also be given to extending this arrangement to offices in other parts of the world.
CII director-general Dr Alexander Scott said: "This is a significant development which I am sure will be welcomed by the industry. We are removing duplication and focussing on our areas of expertise which will aid clarity for the consumer and, by working together, will be better able to deliver industry led solutions. This is particularly important to our work to provide guidance and practice standards to support the Financial Services Authority's (FSA) move towards principles-based regulation."
Simon Culhane, SII chief executive, agreed: "I am delighted that both bodies are working closely together. SII will continue to focus on the wholesale capital market for both front office and administrative roles, whilst CII's focus will be on the retail sector."
