Rishy,
Movements are afoot to remove the CPL requirement for FI's. As it stands at the moment you still need to complete the CPL or ATPL theory exams but that will hopefuly be removed before long.
It is really geared towards the PPL who wants instruct for the long term, rather than the airline hours builder.
If however you wanted to move onto airline's at a later time then you will have to do ATPL's etc.