competence. Is the industry well tra ...
By 2004, the Financial Services Authority (FSA) will regulate all of the non-life industry - as well as its life counterpart. One of the FSA's greatest concerns is competence. Is the industry well trained and competent to be let loose on the public?
The simple answer is: probably not. That's why the existing suite of exams, continuing professional development and training will be thoroughly reviewed.
In light of this the Chartered Insurance Institute (CII) is taking a long hard look at its role and is refocusing its activity to make it more relevant to today's concerns and requirements.
These concerns include the industry's image and the effect it is having on graduate recruitment.
Insurance companies and brokerages are now attempting to shake off the `grey suit' image by putting in place first-rate training schemes. But, there are some in the industry who say we will never attract the right people into insurance unless we pay them more.
According to the 2002 Insurance Times Salary Survey, (page 27-46) low pay is top of the list of concerns for industry employees. This is before redundancy, the hard market turning soft and increasing workloads.
Respondents to the survey are also concerned that FSA regulation would increase their workload and increase operating costs. They did, however, recognise that it would both improve industry performance and consumer confidence in the industry.