The CII has welcomed the FSA's endorsement of its work to promote professional excellence to help the industry make the transition to principles-based regulation.
Speaking at the Broking Industry Roadshow – "Investing in the future" held at Claridge's on March 8, FSA head of insurance Andrew Honey praised the CII for its role in delivering higher standards of professionalism through the new Broker Academy commenting, "Set against the move towards principles based regulation, professional excellence matters more than ever before."
His presentation follows the FSA's announcement last week about the importance of examinations to the general insurance and broking sectors in the proposed changes to its Training & Competence Rulebook.
CII director general Dr Alexander Scott said, "I am determined that the CII should help the industry fully embrace the FSA's principles-based regulation regime. It is highly gratifying to me to hear the FSA acknowledge our efforts.
"The principles based approach offers the industry a real opportunity to stand up and say what it believes in. That means knowledge, skills, transparency and integrity – in other words professionalism. The CII through its Code of Ethics and Conduct, learning support and qualifications is helping the industry to do just that."
The CII's Insurance Broking Faculty, in partnership with BIBA and AXA, launched The Broker Academy last month. An online facility providing a single source of training and development for brokers, it is an example of the industry taking steps to raise standards of professionalism through higher levels of skill, knowledge and expertise.
