The Chartered Insurance Institute (CII) and the Life Insurance Association (LIA) have teamed up to p...
The Chartered Insurance Institute (CII) and the Life Insurance Association (LIA) have teamed up to provide financial advisers with an online compliance and competency system which should meet FSA e-commerce guidelines.
Although the new development is not expected to be unveiled until September, both parties have been working on their own online training and testing systems for some time because the Financial Services Authority is planning to conduct much, if not all, of its future adviser Training & Competence over the internet.
The FSA says it is also interested in transferring compliance data over the internet rather than paper-based methods, however, developing such systems is likely to take longer.
The CII's Compliance and Competency System (CCS) is in the process of being completed, and educates individuals and companies with training and competence, while the LIA's Knowledge Maintenance Programme (KMP) is aimed specifically at financial advisers.
Both programmes are designed as interactive tutorials which gives the employer complete control to decide what information an employee needs to look at, but the LIA will now stop development of its own KMP package to put resources into CCS.
Zurich Financial Services is already reported to be interested in using the CII/LIA compliance package - when it is ready - at least every three months to ensure its staff are fully qualified and up-to-date on the latest compliance issues.
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