The Chartered Insurance Institute (CII) is today calling on its members and the wider insurance profession to uphold the highest standards of behaviour following the publication of the FCA’s findings into culture and non-financial misconduct.
The FCA’s survey identifies numerous cases that have the potential to undermine societal trust in the insurance profession.
The CII requires all its members to adhere to its Code of Ethics, which sets down the principles that they must follow in the course of their professional duties. These include complying with all relevant laws and regulations, acting with the highest ethical standards and integrity and treating all people fairly. The CII can take disciplinary investigation and impose sanctions where its members fall short of its expectations. We also expect our Chartered firms to have in place core values, business practices and a diversity and inclusion policy that align with our Code of Ethics.
Commenting on the results, chief executive of the CII, Matthew Hill, said: “The FCA’s survey results make for uncomfortable reading, but equally highlight an opportunity for our professions to make a real difference. The CII supports what the regulator is seeking to achieve, professions in which everyone can thrive, regardless of their background, and workplaces that are conducive to professional success by eliminating conduct and behaviours that can stifle, harm and obstruct careers. For our part, we will be writing to all our members to remind them of their need to comply with our Code of Ethics, which speaks directly to the outcomes the FCA is seeking to achieve.”
Alongside its Code of Ethics, the CII’s Professional Map provides a vehicle for individuals working across financial services to better understand and develop the behaviours that build consumer confidence.
Matthew Hill added: “Our Professional Map is already a valuable tool for many firms, and we would encourage all our members to consider adopting it in order to help develop a positive working culture and to drive good customer outcomes.”
