CII sees increase in revenues but fall in net surplus
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The Chartered Insurance Institute has seen its overall revenues increase 7 per cent in 2009 to £32.3m, up from £30.3m in 2008, but net surplus fell 42 per cent from £1.9m to £1.1m.
The CII’s annual report and accounts for the financial year ending December 31, 2009, shows UK membership grew 2 per cent from 93,400 to 95,100.
Chartered membership increased 5 per cent, from 18,953 in 2008 to 19,973 last year. The number of chartered firms increased 24 per cent to 310 from 251.
The CII says it is holding membership rates at 2008 prices until 2011.
Chief executive Sandy Scott says: “We have delivered a strong performance at a time when many of our peers have contracted or experienced significant financial difficulties.
“Our financial strength and stability are essential to ensuring that as a not-for-profit organisation we are able to support our members’ needs and aspirations over the long term. The £1.1m net surplus generated last year will be reinvested into our work to raise professional standards within the sector.”
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Readers' comments (3)
Evan Owen | 27 Apr 2010 2:32 pm
Dear CII.
You really do need to sell more exams.
I've had my "black art" FPC certificate since 1989, it has faded a little. However, it is no longer on the wall in an office I left some years back, even though it is not necessary or even relevant I will keep it as a reminder of how one single purveyor of exams can create a need where there is no evidence to support the claims that it is going to make any difference.
No doubt there will be another push for the 'raising of standards' pretty soon after 2012 because without something to sell the CII will become as irrelevant as the exams it has managed to flog the industry two decades ago.
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Anonymous | 27 Apr 2010 3:29 pm
Evan,
I am always surprised by comments such as yours. The CII is not some nebulous entity .
It exists because a great many advisers give their time to ensure that the standards within the sector are maintained and where necessary evolve. It is a slight on them to suggest that they are acting in anything other than the best interests of our profession. In damning the CII you damn your peers.
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Anonymous | 27 Apr 2010 7:58 pm
The CII is guilty of bigging itself up at the expense of the IFA. If you look this expression up you will see it means: Making out that one is bigger / badder / harder than one actually is.
The CII JO exams are out of kilter with modern educational standards and measure only left brain route learning and not true understanding of the world the IFA inhabits.
The CII is guilty of bigging itself up in the world of academia in order occupy its own high claims for “professionalism”. The trouble is they have adopted a Victorian examination hall mentality that proves nothing other than examination ability. Surely they could have consulted some educationalists and tapped into right brain learning where all the creativity exists. But there we have have it "creativity" is not what is required any longer and outr industry will pay the price!
The CII will fill our industry with bean counters and what’s more I doubts that it even reflects the FSA requirements under level 4.
This is not to demean those who put huge effort into these exams but conversely please do not demean those who have put a lifetime effort into their clients and their business and who risk their livelihoods being taken away by a failure or inability to pass such a meaning less task!
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