Members of the Personal Finance Society have called upon the industry body to work with the Chartered Insurance Institute and re-establish a leader role empowered to raise public trust in the profession.
In a consultation published by the CII, ‘Shaping the future together‘, members and stakeholders were asked for their feedback on the advantages and disadvantages of how the PFS and CII Group currently operate and how the personal finance and insurance professions can work together to raise standards and boost public trust.
Feedback showed members were keen for the PFS to remain part of the CII Group and called for greater collaboration between the two and a new leader empowered to raise public trust in the profession, as well as to help build confidence that member misconduct will be addressed.
In addition, the economies of scale provided by a shared operational infrastructure, as well as access to CII exams, chartered titles, Statement of Professional Standing, Continuing Professional Development; and being able to work together on common areas of interest were all cited as key reasons for remaining part of the CII Group.
The feedback also showed desire among members for more streamlined qualifications, modern assessment methods and the introduction of behavioural content; a common strategy and clear purpose for Societies, Local Institutes and Regional Committees; and a governance and operating structure that achieves greater economies of scale.
Sarah Lord, president of the Personal Finance Society, said: “We remain focused on delivering the services that best meet the needs and expectations of our members, championing the value of professional advice and ensuring the best possible outcomes for clients. We also look forward to engaging with the Chartered Insurance Institute on common areas of interest that include raising professional standards and improving public confidence and trust.”
Helen Phillips, chair of CII Board, commented: “Through the consultation feedback it is clear our members want the CII Group – Societies, Local Institutes and Regional Committees – to work together. The boards of the CII and Personal Finance Society will together reflect on the views members have shared through this consultation, drawing on these to shape a future governance structure that delivers the economies of scale and the clear, shared purpose members have told us they want.”
Phillips said the CII Board will use the consultation feedback to help shape its next five-year strategy.
Phillips added: “The CII’s leadership team, working with a colleague group, will begin prioritising and implementing those proposals for which the consultation has shown clear support from our members. We aim to share more information on the areas for immediate action in the months ahead. We are committed to engaging with our members and our thanks go to everyone who shared their thoughts, needs and expectations by taking part.”
