The appointment comes as the CII launches a new code of ethics and conduct which will also apply to members of the PFS, created by the merger of the LIA and Sofa.
Lord Hunt of Wirral, previously chairman of Aifa and currently senior partner of Beechcroft Wansbroughs, will be the first independent chairman of the CII’s professional standards board to oversee the code.
The code places greater emphasis on members’ personal responsibility for their own conduct and will be sent out to new members from this week. This follows recent calls from the Treasury select committee for major trade bodies within the financial services industry to adopt codes of practice.
Lord Hunt said: “The financial services industry has to demonstrate its commitment to the highest standards of ethical practice and good conduct. Only then will it begin to rebuild consumer confidence and trust.”
The CII has around 90,000 members and claims that 1,000 new members are joining every month.