The Chartered Insurance Institute, a UK professional body for the financial services sector, has awarded the two Fairstone businesses chartered status.

Fairstone Financial Management and Fairstone Financial Management (City) have received corporate chartered status, making Fairstone Group one of the largest chartered financial planning firms in the UK.

The new status means Fairstone will now have to adhere to the Chartered Insurance Institute's Code of Ethics, while committing to the professional development of its advisors, helping them to attain qualifications.

“Achieving chartered status is incredibly important to our business and, most importantly, our clients. We want to make sure that we can provide first-class service, advice and support, and achieving chartered status will help us to do just that,” said Fairstone's chief executive, Lee Hartley.

Fairstone, which is made up of financial management, private wealth, corporate solutions, mortgage solutions and estate planning channels, integrates financial advisory firms and independent financial advisors throughout the UK.

With revenues approaching £30 million ($47 million), it has integrated 34 financial advisory firms since 2011 and over 230 advisors acting for over 30,000 clients across the country.

The CII currently has over 115,000 members committed to maintaining its standards of technical competence and ethical conduct.

“Achieving chartered status demonstrates a genuine commitment to the highest ethical standards and to the professional development of staff and advisors. Chartered firm status is underpinned by expertise and ethical standards which are fundamental to securing customer confidence in financial advice,” said the CII's director of financial services and insurance markets, Steve Jenkins.