View more on these topics

CII: Standards framework a commitment to consumers

As you might expect of a professional body, instilling confidence and trust in our sector lies at the heart of what we do. It is this responsibility that inspired the development of the 2016 Life, Pensions and Long Term Savings Professional Commitment.

With the interests of consumers front of mind, we sought their feedback during the development phase of last year’s Commitment. We surveyed 2,100 consumers across the UK to gather their views on how to improve the customer experience with the sector.

The message was clear.More than 80 per cent of consumers said providers had a responsibility to improve professional standards at all levels, with close to 60 per cent suggesting a collective effort by firms, supported by a professional body, was one of the best ways to do this.

That is why we are taking a leading role to deliver a common framework for professional standards, aimed at supporting consumers who need guidance and support during a time of unprecedented complexity.

But we can’t do it alone. Two-thirds of consumers surveyed believe their confidence in the sector will improve if more firms sign up to the 2016 Commitment.

It is time for the sector to come together and demonstrate a joint commitment to what we summarise as the four Cs of professionalism: competence, conduct, culture and consistency.

 Steve Jenkins is development director of the Chartered Insurance Institute

 

Recommended

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg
79

How much are advisers charging for pension transfers?

Advisers and networks are charging wildly different prices for advising on defined benefit to defined contribution pension transfers, Money Marketing research suggests. As well as a split between charging on a time cost or percentage basis, some firms appear to be charging as much as two times more than others. Firms that offer pension transfer […]

15

Has the Lifetime Isa failed to take off?

The Lifetime Isa has launched with little fanfare amid criticism the product will only serve the wealthy and disappointment at the lack of initial appetite among providers. The Lifetime Isa went live on 6 April, with those between 18 and 40 able to pay in up to £4,000 each tax year, with contributions qualifying for […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. There are already standards. Why more? FCA does not care nor indeed are aware of them. A common theme among many firms is that they do not have these standards nor do they wish to demonstrate conformity. So what is the point? The RDR wanted to restore trust in the sector – it has palpably failed to do this in many respects allowing a vacuum to exist where scammers flourish. All so very sad and avoidable.

Leave a comment