Sandy Scott, director general of the Charterd Insurance Institute (CII), has only been in the job a few weeks. He said it was too early for him to say how he saw the future of the CII, but he said the institute could not stand aloof from change.

Michael Bright said: “Our image is old-fashioned, it's aloof and it's arrogant.” But he continued: “Our image does not reflect our business.”

Bright paraphrased JF Kennedy when he said: “Ask not what the CII can do for you, but what you can do for the CII.”