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RDR: CII says IPSB would be more effective than FSA

The FSA has missed an opportunity to restore consumer trust in financial services by scrapping plans for an independent professional standards board, according to the Chartered Insurance Institute.

CII chief executive Sandy Scott says he is concerned about the FSA’s proposals to take on responsibility for professional standards itself, rather than forming an IPSB.

He says: “Today’s announcement by the FSA is not surprising but we do feel it misses an opportunity to help restore the public’s trust and confidence.  

“In our view an independent body, separate from both the industry and the regulator, would be better placed to help rebuild public faith in the financial services industry.”

Scott says the CII will closely consider the FSA’s view of alternative assessments, which now extends beyond oral exams.

He says: “We have submitted our proposals to the FSA about work-based assessments and we will take a close look at what the FSA has set out. Ultimately the public will be the judge of whether these proposals will help rebuild trust and confidence in the market.”

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