Lighter touch regulation is creating an opportunity for the financial services industry but professional standards are needed to support it, according to Peter Hales, president of the Chartered Insurance Institute (CII).
Speaking to 250 insurance and financial services industry leaders at the CII’s annual President’s Dinner, Hales suggests increasing consumer confidence and an awareness of the need for long-term savings, combined with the Financial Services Authority’s (FSA) principle-based approach, is creating a “real opportunity” for the industry.
But, he warns this opportunity brings with it responsibility, stating: “We cannot afford as an industry to get it wrong and I believe the CII as the professional body for the industry is at the core of ensuring that we do not, through improving knowledge, continued professional development, qualifications and operating a Code of Ethics and Conduct.”
Hales believes the CII has spent the last 15 years responding and reacting to regulation, but it is now time for the industry to stand up and say what it believes in.
He adds: “I believe transparency, knowledge, qualifications, integrity, operating by a Code of Conduct is a good starter. In other words professionalism, in other words a professional body at the heart of what we do.”
Hales’ comments follow the launch of the CII’s Faculty for Life and Pensions and its inaugural graduation ceremony for the first Chartered Financial Planners.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation