The approaching merger between the ABI and the BBA is bringing out great ideas, says Andy Cook
Plans for the merger of the Association of British Insurers (ABI) and the British Banking Association (BBA) are gathering pace. It seems that the appointment of a consultant to take the idea forward is imminent and bankers are starting to talk about the move with more than indifference.
This momentum is also causing some daring and innovative thinking on the professional training side of the industry.
One idea gaining currency is that professional training bodies should mirror the trade bodies and consider presenting one point of contact for the Financial Services Authority (FSA).
If finance professionals are to be regulated by one body with one underlying set of rules, then perhaps the skills of those serving the industry should have some equivalence.
How about one unified chartered institute of finance professionals with a basic course covering fundamentals of risk, solvency and financial strength with a set of modules on top administered by faculties of, say, loss adjusting, insurance, broking and accounting?
All the modules can be benchmarked against each other ensuring that qualifications are as portable as possible and that each profession can stand shoulder-to-shoulder.
As one sage recently told me: "If we sit back, a regime will be imposed, so let's seize the agenda and show the government the innovation that we are so proud of in our business dealings".
Wishful thinking? Maybe, but it is an opportunity and there could just be a will to make it work at senior management level. Next week's Insurance Times Salary Survey will show that 20% of chief executives are in training because of N2 requirements. Now they know what it feels like, perhaps they could apply some of the same high-level logic and drive that Bob Scott brought to the table at the Chartered Insurance Institiute (CII) last year.
