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CII calls for framework to monitor generic advisers

The Chartered Insurance Institute is calling for the introduction of a framework to evaluate and monitor prospective generic advisers saying this will be essential for public protection if unregulated generic advice is launched.

As part of its response to the Treasury’s financial capability consultation, the CII has also offered to support the Thoresen Committee in its review of how such a service might work.

The CII says it has expressed an interest in supporting the design, build and operation of an online competency assessment tool to support generic advisers.

It says it has considerable experience in this area having managed competency frameworks for many leading financial services firms.

As well a telephone and web-based channels, the CII says face-to-face advice needs to be delivered on as broad a scale as possible.

CII director general Dr Alexander Scott says: “We fully support the vision of providing unregulated personalised generic financial advice to promote financial inclusion amongst those in the lower to mid income bracket, and believe it can be made to work. Whilst there are established sources of advice on specific matters such as debt and state benefits, an advice gap exists for middle income earners regarding broader financial matters.

“It is clear that replicating existing training and competence models is not the answer. These ideas offer a framework for developing innovative low-cost tools to deliver competent generic financial advice.”

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