Insurers launch bold initiative to boost confidence in the sector
The Chartered Insurance Institute is leading an ambitious ‘life, pensions and long term savings initiative’ to improve standards and public confidence in the profession.
The Chartered Insurance Institute (CII) has launched the ‘2016 Commitment’ - an unprecedented call to the life, pensions and long term savings providers to commit to a framework of professional standards - uniquely underpinned by ‘credible and robust measures.’
The CII and a group of leading market practitioners have spent more than twelve months analysing the challenges facing the sector and concluded that clearly defined action is needed to boost public confidence. This is particularly important given the key role the sector will play in the light of pension reforms.
Initial signatories of the 2016 Commitment include: Aviva Life, HCL, LV=, NFU Mutual, Phoenix Group, Re Assure, Scottish Widows, Standard Life and Old Mutual.
Heather Wheeler, Conservative MP for South Derbyshire, congratulated the industry on this bold initiative:
“As Chair of the Insurance and Financial Services APPG I am delighted that so many major league Insurance firms have come together to work with the CII,” said Wheeler.
“A future commitment to quality assured advice is exactly what consumers are asking for. This move is very welcome.”
By placing a renewed focus upon professional standards within the life, pensions and long terms savings market, it is believed that there will be measurable benefits for customers and those working within the sector.
These include, building a confident, trusted profession; delivering consistently high standards of conduct and competence which help create better outcomes for customers; and providing career paths that attract and retain talented people.
Commenting on the publication of the 2016 Commitment, CII President, Robert Fletcher, said: “We believe our proposals are ambitious but realistic, and hope those signing up will fully implement the recommendations by the end of 2018.
“The creation of this commitment sends a clear message to customers, and indeed all stakeholders, of the intent of the sector to raise its standing and reputation. It comes on the back of what I believe is a growing desire, within the market, for concrete action.”
The commitment calls upon all firms to operate clearly defined and consistent policies towards customer service, ethical conduct, qualifications, and continuing professional development (CPD). These specific policies were developed following independent research commissioned by the CII that identified them as being of most importance to customers.
The framework outlined in the 2016 Commitment reflects the diverse nature of the market and defines measurable standards for the varying disciplines within the sector.
Sian Fisher ACII, CEO of the CII, said: “Those market practitioners who have worked with us have given their all in developing a meaningful standards framework which will play a significant part in meeting customer expectations.
“The CII is indebted to them for their efforts in rising to the challenge; putting aside their competitive differences and creating a framework that for the first time offers measurable standards that the whole sector can aspire to.”
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