In its second response paper to the RDR debate, the Institute proposes to overcome the “lack of a simple standard framework for qualifications”, which it says is a major barrier to improving professionalism in financial services.
The CII says that qualifications should be simplified so they can be easily recognised and trusted by both consumers and employers alike.
CII chief executive Sandy Scott says: “This initiative is a response to industry and consumer concerns that financial services, unlike other professions, have confusing and complex qualifications. We are not suggesting a single awarding or professional body, rather an agreed framework of qualifications that would be applicable to all. This would work in much the same way as the GCSE and A-level qualifications are standardised across the range of examining bodies that offer them in the UK.
“This is also an area where the industry itself, not the regulator, can develop a solution. We hope this set of ideas will be favourably received in industry circles where I know there is strong support for awarding bodies working constructively together to achieve clarity and simplicity in the public interest. It would be a clear signal that the financial services industry is sorting out its own problems.”