View more on these topics

Providers sign up to CII standards post-pension freedoms


Six pension providers have signed up to a voluntary framework of professional standards launched by the Chartered Insurance Institute to boost public confidence after the introduction of pension freedoms.

Aviva, Standard Life, Scottish Widows, LV, NFU Mutual and Old Mutual Wealth have all committed to the framework, called the 2016 Commitment. Phoenix Group, Reassure and HCL have also signed up.

CII financial service and insurance markets director Steve Jenkins says: “In light of pension reforms we thought we would instigate discussions with a number of providers about how they might put in place some voluntary standards that were stretching but realistic.”

The signatories must show “high quality standards of customer service”, demonstrate a commitment to career development, and ensure staff participate in formal development programmes.

The majority of customer-facing staff must be working towards certificate-level or equivalent qualifications while managers are expected to all be working towards becoming diploma-qualified, or equivalent.

Company leaders are expected to hold professional qualifications and be members of a professional body.

Those that sign-up are committing to implement the standards by the end of 2018 and Jenkins says progress will be measured by the number of people holding qualifications or other recognised standards, not necessarily those offered by the CII.

Research carried out by the CII last year found consumers are thinking differently about what they want from their pension provider in terms of information and support.

Jenkins explains: “We conducted research which shows that the majority of people will go back to their provider to ask what they should do. The providers will have much more direct consumer interface with customers.”

The CII expects more signatories to commit to the framework throughout the year and is also talking to the FCA and Government about the initiative.



CII launches pensions exam for frontline staff

The Chartered Insurance Institute has unveiled a new life and pensions exam unit designed for new entrants and customer facing staff. From January, the professional body will offer the Life and Pensions Foundations unit which will lead to a CII Level 2 award. The course is designed to complement staff induction processes, and has been […]


Industry backs CII pension freedoms standards plans

A move by the Chartered Insurance Institute to develop professional standards for frontline provider staff has been welcomed by the industry. The CII says it is concerned there are “inconsistencies” in the way staff fielding pension freedoms calls are dealing with customers. The professional body is carrying out an information gathering exercise with a number […]


CII to develop professional standards for provider call centres

The Chartered Insurance Institute is to develop professional standards for frontline provider staff fielding pension freedoms calls. The CII says it is concerned there are “inconsistencies” in the way consumers are dealt with by call centre staff. The professional body is carrying out an information gathering exercise with a number of providers to determine current […]

‘How to…audit your auto-enrolment scheme compliance’

Avoid pension penalties with our auto-enrolment checklist

According to the Pensions Regulator’s annual commentary and analysis report released this month, 785 potential non-compliance cases were referred for investigation, with 23 auto-enrolment compliance notices issued. And they predict that the use of their statutory powers is only going to increase.


News and expert analysis straight to your inbox

Sign up


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

  1. Interesting all old style insurance companies who were wholly engaged in Endowment missselling pensions missselling – or as some call fraud. By this I mean, non disclosure – deceit, dishonesty that their endowment was tampered with by the insurance companies – “engineered to fail”, to meet client expectations. Insurance company Directors as the Principals of their Agents – under Agency Law have not gone to prison! They have paid fines indirectly to the Government – whilst investors have been abused, financially disadvantaged – due to failure of folk requesting damages – or remedy. They have been fobbed off. Now insurance companies are signing up to be” trusted “. No way Hose (Spanish owners of Scottish Widows)- or Aberdeen or. . .

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm