The Chartered Insurance Institute has unveiled an initiative to call on life, pensions and long term savings providers to back a framework of professional standards ‘underpinned by credible and robust measures.’

Led by President Robert Fletcher ACII Dip PFS, the CII launched today what it calls the 2016 Commitment in a drive to raise professional standards throughout the retail finance sector to improve public confidence.

The CII says it and a group of leading market practitioners have spent more than 12 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, says the CII.

By placing a renewed focus upon professional standards within the life, pensions and long term savings market, the CII says it believes 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.
• Providing career paths that attract and retain talented people.

CII President, Robert Fletcher said: “I believe our proposals are ambitious but realistic, and I congratulate those firms that have committed to 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. I applaud the first signatories to the Commitment and I am confident that a number of other companies with whom we are in discussions will soon follow suit adding impetus for 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.

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.”

The initial signatories of the 2016 Commitment are:
Aviva Life
HCL
LV=
NFU Mutual
Old Mutual Wealth
Phoenix Group
Re Assure
Scottish Widows
Standard Life