People working at all levels of the general insurance industry will need to show evidence of competence under the new regulatory regime Tony Tudor explains how the IFS is meeting this challenge.
As those involved in general insurance prepare for FSA regulation it becomes more and more apparent that the objective is not only to be competent, but to be able to provide evidence of that competence.
Qualifications are an excellent way of doing this as long as they are appropriate to the professional and valid to the profession.
The Institute of Financial Services (IFS) launched the Certificate of Regulated General Insurance (CeRGI) last year, a qualification open to people working in general insurance at every level.
CeRGI is a short, single-module course which helps individuals and employers meet regulatory requirements for training and competence. A key feature of the qualification is the open entry and unique examination delivery, which means that students can book their examinations just two days in advance of the day they wish to sit and choose from 150 electronic testing centres throughout the UK.
Year-round registration
In the past 18 months over 2,500 students have registered for the course and the majority of these successfully completed it. There are three registrations a year, making it open virtually all year round and students can register for CeRGI online.
While compliance with new regulation may give industry professionals the impetus to become qualified, it is essential that the qualifications are beneficial to both the employer and employee alike.
Darlington Building Society is putting around 50 people through the CeRGI exam. HR manager Christina Thraves explains: "It is part of our training and competence scheme.
"Some people such as youth trainees have to do it as a core module. Others, such as mortgage advisers, use it in CPD. It is important to get staff competent in this area and this gives a broad approach to the subject.
"Even our branch managers took it, although one muttered about it being hard, as he didn't get much call for marine insurance locally. We use the IFS for other qualifications and are comfortable with them, so CeRGI seemed a natural fit."
For those serious about furthering their career through to senior level management, the IFS also offers an Advanced Diploma in Financial Services Management and our flagship qualification the BSc in Financial Services Management.
Exemption routes
The advanced diploma has recently been overhauled and restructured to allow year-round registration and faster completion times.
The degree is awarded jointly with one of the top business schools in the UK, however there are several exemption routes that can be taken by suitably qualified insurance professionals. Please contact IFS Customer and Student Services on 01227 818 609 for more information.
The global financial services environment is evolving; huge change has already occurred, in the complexity of both products and their delivery.
The value of high-level professional education is recognised worldwide.
As regulation becomes more pervasive, financial services organisations are paying closer attention to the skills of their staff, and how to eliminate weaknesses and associated risks to their business. Similarly, organisations are facing up to more demanding and better-educated customers, while the market becomes increasingly competitive.
The knowledge and skills of an organisation's employees will provide it with a crucial source of competitive advantage upon which to leverage its other resources.
