Policy Focus: Professionalism key to social care standards
Writing for our Policy Focus on the Care Bill this week, the Chartered Insurance Institute explain how knowledge, expertise and behaviour of social care workers must be ensured.
Advice on funding long-term care provision, especially the use of home equity for this purpose using equity release products but also the wider range of issues, is a very complex area. There are many risks and considerations that need to be taken into account by customers, and the
Chartered Insurance Institutebelieves that professional advice is an important factor in realising the public trust and confidence this market.
Financial planners need to keep abreast of new financial products but also the latest technical, regulatory, political and social developments in this market. For example, we have seen changing sentiments such as how local government is using equity release. In this specialist but increasingly crucial at-retirement advice market, instilling trust and confidence through acting professionally is essential.
Professionalism consists of three key elements: knowledge, expertise and behaviour, and all three are necessary if we are to instil trust and confidence from customers.
• Qualifications will demonstrate knowledge but maintaining that knowledge through appropriate CPD is vital, yet advisers rarely mention this commitment to their clients.
• The second deals with expertise, specially how knowledge is applied to ensure that clients receive the best possible advice, especially in the complex area of “de-cumulation” of assets, is second
• Behaviour is the third aspect of professionalism and is arguably the most important. What drives this is key to a successful relationship and the best outcomes for both adviser and client.
It is up to us all, as a profession, to raise awareness of the three components of professional standards – qualifications, CPD and behaviour. Accredited bodies such as the CII offer qualifications, a diverse suite of CPD events via the PFS and tools to support its Code of Ethics. Providers and intermediaries can also play an important role by embedding these three elements into career development.
View the debate at the PoliticsHome Policy Focus on the Care Bill
here
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