The CII’s consumer research informs their stance on professional standards and customer service
Last month marked the two-year anniversary of the Government’s watershed pension freedoms. Since the radical changes of 2015, the life, pensions and long-term savings sector has undergone significant change, with companies merging, well-known brands disappearing and many providers repositioning themselves as asset managers or moving into distribution.
Specialists have entered the retirement market and many companies have outsourced elements of their customer service. Now more than ever, consumers need a reliable source of guidance and support.
At the Chartered Insurance Institute (CII) we developed a framework for professional standards across the sector.
Our research found a lack of consistency was undermining consumer confidence and trust. We responded by launching the Life, Pensions and Long Term Savings Professional Commitment. Nine signatories agreed to a set of principles and standards, committing to policies that encourage high quality standards of customer service, staff development programmes and qualification requirements.
Earlier this year CII research found 75% of consumers believed the Commitment would improve public confidence in the life, pensions and long-term savings sector. That is why we’re renewing our commitment to professionalism and consistency, and calling for the sector’s support.
Steve Jenkins is Chartered Insurance Institute Development Director