Consultation follow forecasted revenue drop
The Chartered Insurance Institute (CII) is in consultations with about a dozen staff, including management, Insurance Times understands.
A CII spokesman said the reason for the consultations was that the CII has predicted lower revenues for 2013 than the past two years and needs to cut costs.
The spokesman said this was partly because the body took on additional staff to handle the extra examinations needed for financial advisers under the FSA’s Retail Distribution Review, and that the money this gave the CII over the past few years was ending.
Several staff have already taken redundancy packages, Insurance Times understands.
The spokesman added: “I can categorically say that as far as the CII is concerned, as we sit here today, these are the only planned redundancies.”
The CII employs around 200 staff in total.
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