Time to get tested. Qualifications will prove your worth says the CII's Sandy Scott, so professionals have nothing to fear
Traditionally, general insurance practitioners have been able to choose whether or not to obtain qualifications. That situation is changing with the arrival of the Financial Services Authority (FSA) qualifications and the maintenance of competence at the centre of its training and competence regime.
Qualifications tell everyone - employers, regulators, peers and, crucially, customers - that the holder has a proven level of knowledge. They offer reassurance as to competence and they are a signpost towards professionalism. In themselves, they do not guarantee ability or quality of performance, but they are a baseline measure of understanding.
Financial advisers have long been obliged to hold statutory qualifications. Similar statutory requirements are likely to affect the general insurance sector in the near future. The FSA is currently undertaking an examination review (FSA Discussion Paper 9 - Examination Review) and we can expect a far-reaching, wide-angled regime to come about in due course.
It will serve us well to be ready. We must certainly not resent the introduction of mandatory qualifications. We must recognise that the pursuit of measurable levels of knowledge, understanding and application can only increase consumer confidence in what we do. After all, we want to be regarded as professionals, so let's be enthusiastic about the creation of a credible professional qualification system.
But let us also work to ensure that the system is transparent, clear and constructive. If all we end up with is another alphabet soup of letters after our names and fancy-looking scrolls on our walls, we will have achieved little. What we need is something relevant to people's jobs and something customers can recognise and accept as a meaningful indication of merit.
To achieve this, we need to be taking positive steps. The Chartered Insurance Institute (CII) has already started, through its response to the FSA discussion paper, and discussions about qualifications with companies, the British Insurance Brokers' Association (Biba), the General Insurance Standards Council (GISC), the Association of British Insurers (ABI) and others. However, the key to success will depend on a working partnership between the industry, professional bodies and the regulator to agree a cohesive and credible strategy.
Do you regard yourself as incompetent? Surely not. Do you regard yourself as talented? But do you have a tangible means of proving your talent and competence that is acknowledged and accepted market-wide? Would it not be preferable to have such a measure? That is what is on offer in a properly-regulated, truly professional market. That is something to look forward to. And, if you regard yourself as a professional what have you got to hide?
