The CII's London Market Faculty Board has agreed its key objectives for the Faculty's development and implementation.
Under FSA regulation, all firms will have an obligation to ensure that insurance practitioners are competent, an area in which the CII said it had expertise.
The London Market Faculty will help to focus the CII on the unique needs of the London Market. The Faculty will help the CII ensure the required products are available at appropriate levels. Through close consultation with the LMBC, LMA, IUA, Lloyd's and the IIL, it would help build a consensus to ensure that acceptable, quantifiable, appropriate benchmarks were set to give guidance in this area to all, said the CII.
The Faculty will start to deliver its programme for members in September.
Key objectives of the faculty will include:
· Working with the CII as the examining body to help and support in the identification of professional standards and benchmarks and in the award of qualifications and certification of personal achievement.
· Encouraging and supporting those who are following a career in insurance to assess and enhance their level of knowledge and skill on a continuing basis.
· Provision of a programme of training and learning support to those who follow a career in insurance and reinsurance that is relevant to their needs, reflects good and best market practice, and which is of a high standard of technical accuracy and which reflects the FSA's requirements.
· Acting as a centre of technical excellence and good practice that can be accessed by members, commentators, regulators and policy makers.
