The Chartered Insurance Institute (CII) has unveiled the Shaping the Future Together consultation to allow members to have their say on the professional body’s strategy for the next few years.
Shaping the Future Together is designed to refresh the CII’s 2016 manifesto.
The institute’s proposals for how it will work to raise public trust in the insurance and personal finance profession include:
- Replacing the current membership model with three levels of membership: member, chartered member and fellow;
- Making the qualification framework and learning provision more user-friendly, accessible, and capable of meeting the future learning needs of all students;
- Giving members more flexibility to achieve the professional body’s chartered and fellow designation, so qualifications and experience are no longer the only route;
- Exploring a possible requirement for a statement of professional standing for insurance professionals; and
- Exploring possible amendments to the CII’s governance structure to provide greater clarity and cost efficiency.
Members and key stakeholders can use the online consultation form to share their thoughts about the CII’s proposals, the challenges they face, their current relationship with the CII and how they feel the professional body can best meet their needs in the years to come.
The deadline for responses is 17 December 2021. The CII will share the findings of the consultation and how it will help shape the group’s strategy next year.
Sian Fisher, outgoing chief executive of the CII, said: “We know that, as a professional body, we can only provide our members with the support and services they want, if we truly understand their needs and expectations. That is why this consultation – Shaping the Future Together – is so important.
“This consultation will help shape what the CII delivers for members, corporate customers and students, based on their input, and input from the wider profession and consumers. We encourage and value participation – it’s a real opportunity for everyone to have a say on the skills, knowledge, insight and networking opportunities needed for every professional in our sector to thrive.”
Helen Phillips, chair of the CII, said: “The Shaping the Future Together consultation gives members a great opportunity to have their say on how we ensure the CII can best inspire public trust and confidence in our family of professions by working with members’ to meet their needs and expectations as well as exploring how the CII’s current governance structure works and how it could evolve.
“We welcome feedback from all our members and, as a board, we will listen carefully to the responses. They will help inform how we shape our strategy for the next five years, and ensure we are fit for the future.
“I am very pleased that our members have opportunities to share their views at both the live events we have scheduled in coming months, as well as through the online consultation. I look forward to drawing on our members’ input as we develop our vision for the future of our sector.”
This consultation comes several months after the CII received criticism from advisers for proposing to deregister the Personal Finance Society (PFS) as a cost cutting exercise.
Sarah Lord, president of the PFS, said: “The PFS board welcomes the fact that the CII board has chosen to issue the Shaping the Future Together consultation and encourages PFS members to engage and respond accordingly.
“The PFS board regrets that the CII did not engage with the PFS board collectively on the drafting of the consultation document and the CII did not bring the document to the PFS board for input. The PFS board is deeply proud of the achievements that the PFS has secured for the PFS membership over the last 16 years.
“The PFS board is disappointed that over the last few years the CII’s education offering, including the qualification framework and pathways has not kept pace with the needs of the profession and welcomes the opportunity for PFS members to input their views on improvements now necessary.
“The PFS board believes, in the light of the CII board’s attempt to deregister the company, that the status quo is no longer an option and welcomes the implicit recognition of this in the consultation document. We encourage all members to contribute their views on the relationship of the PFS and the CII by responding to the consultation.”
The PFS said that, over the next few weeks, it will:
- Continue to take steps to achieve clarity on the current financial position of the CII Group to ensure that the reserves accumulated from PFS members subscriptions and other activities are used solely for the purposes set out in the PFS Articles of Association, that being to promote and facilitate the provision of financial advice.
- Consider options for alternative legal structures which will better protect and promote the interests of PFS members and the public it serves.
- Continue to work with the CII board to encourage members to respond to the CII consultation with its views and to explore areas where they could collaborate for mutual benefit.