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Categories:Regulation

CII: FCA must take chartered status into account

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The Chartered Insurance Institute is calling for the Financial Conduct Authority to take chartered status into account when judging the culture of firms.

The FSA’s consultation paper on the FCA’s approach to regulation, published in June, says firms should “set, embed and maintain a firm-wide culture that supports choice and an appropriate degree of protection for consumers”.

In its response, the CII says: “We suggest the FCA supervisors should take ’chartered’ into account when assessing this.”

The CII says that higher professional standards help restore trust in financial services because those committed to them pose less risk of consumer detriment.
Director of policy and public affairs David Thomson says: “The paper talks vaguely about culture and behaviour but does not specify what that looks like. Encouraging improvement should go alongside discouraging bad behaviour.”

Anand Associates managing director Bhupinder Anand says if the FCA does take chartered status into account, it could reignite debate over whether QCF level four is a high enough minimum qualification for advisers.

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Readers' comments (7)

  • CII looking for yet more money?
    Smacks of self interest as usual.

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  • Oh dear. Let me remind you again. It is not 'qualifications' that drive up standards, it is competition. People get more qualified to better compete. Making something mandatory is fine for the CII for its club, but to make a private club's rules binding on all of society is not democratically acceptable. Why should a private club be able to monopolise all of society?

    Ever heard the phrase 'qualified success'. Quite.

    This is just more of the same cronyism and special priviliges for favoured groups that got us into this mess in the first place. They call it 'graft' in less couth circles.

    The FCA needs to embed the promotion of competition above all things. As for 'protecting consumers' that is what IFA's are for. We protect consumers from the fialed FSA and the destruction of the value of our money by the State.

    In regards to trust - in every survey (not biased) IFAs have a very high trust rating. The trust failures are the banks and the state.

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  • My experience of Chartered Financial Planners, is that I would not put them within 100 yards of a client.

    I can back up this comment , as I have employed them in the past - never again.

    Their attitude to the client , is one of "you just sit there and I will tell you what I know"

    If the CII want the FCA to judge the competence of a firm on the basis of being chartered, then there is no hope for this profession.

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  • But, But, But, Fay Godard says all the CII/PFS is there for, is to supply the required qualifications as laid down by the FSA, They do not speak on behalf of the IFA community... just look at all the consultation that they have been involved in.... smacks of self Interest to me. I was a member for over 30 years no more though! I have nothing against qualifications, however qualification does not make anyone more professional, reputation and experience and the way you HAVE treated clients does, Integrity does count, shame these institutions that preach it, do not understand what it means! We the advisors started regulation by setting up NASDIM and the LIA back in the late seventies, which have now been highjacked.

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  • Towry Law is chartered and has been ramming this down non chartered advisers throats for several years and yet it is top of the pops when it comes to client complaints, chartered or not so why should chartered statusbe taken into account when judging the culture of firms.!

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  • If the FCA takes chartered status into account it should of course take certified status of advisers into account in the same way; personally, and as a certified financial planner, I think the CII is talking out of its backside and not for the first time. The efforts to push chartered status at every available opportuinity are beginning to sound a little desperate.

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  • CII.

    Vested interest is one of the reasons why the RDR will fail the consumer at a massive cost to the industry.

    The worst piece of work, advice ( term used lightly) ignorance, arrogance, indifference, blatant lies to the client and a disregard for basic compliance, that I have ever reviewed came from a firm of Chartered Financial Planners. ( 29 years in the industry)

    The reality is that examination ability is only a very small contributory factor to the skills required to execute good competent financial advice. You can not learn integrity and honesty and a deep rooted sense of the proprietary, it is the Xfactor within financial services.

    Those without it seek to compensate in other ways. The outcomes are evident by the eventual failures that occur. Ie Banks, Reglators and the systemic complaints receivers. All qualified and certificated in some way.

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