AN expanding North-East finance firm has been praised after achieving Chartered status, the industry’s gold standard.

Bob Little & Co in Redcar joins an elite group of 10 per cent of UK finance companies to be awarded Chartered Financial Planners status by the CII (Chartered Insurance Institute).

The company, which is based at Prospect House, Kirkleatham Business Park has 10 staff, and plans to grow, including taking on an apprentice in the coming months.

Dr Sandy Scott, CII chief executive officer, hailed the company's success, which he believed will help raise its profile throughout Teesside and beyond.

Dr Scott said: “Chartered status enjoys unparalleled familiarity and favourability among clients, denoting as it does that a firm has embraced the challenges of professionalism.

“In becoming a Chartered Financial Planner Bob Little & Co’s staff have demonstrated their technical competence, a commitment to continuous professional development and a willingness to adhere to the CII’s code of ethics," he said.

Bob Little grew the company that bears his name in the conservatory of the family home in Beverley Road, Redcar, into one of Teesside's leading providers of financial advice.

Bob died after a short illness at the age of 65 in 2011, but under the guidance of his son Robert the business has gone from strength to strength.

After earning a First Class honours degree in Financial Economics, Robert became a financial adviser and was appointed director a few months before his father died.

“This business was Dad's passion and he is an inspiration to me,” Robert said. “We’re very proud that some clients have been with us since Dad set up in 1986.

“All the team here respected Dad and I often ask myself what he would do in a given situation.

“Many people feel they don't need expert financial advice but we’re not only here for high net worth individuals, we can normally do something to help everyone.

“My advice to anyone looking for services such as investment and retirement planning, mortgages or financial protection, would be that they have nothing to lose by having a free consultation.”

Robert added: “There have been some significant challenges in recent years, including the downturn and a number of big regulatory developments, but we have come through stronger than ever.

“Chartered status raises our profile and shows we’re looking to the future. This is the industry-wide hallmark that the majority of companies are striving to achieve.”