Context
In a statement in response to the FCA announcement that it will consult on removing the regulatory requirement for people working in general insurance to complete fifteen hours of ongoing training every year, the CII has confirmed its view that being an insurance professional is a highly responsible and demanding role, which should be supported by high professional standards. The CII has no plans to alter its CPD expectations for its members.
Key points to note and next actions
- The FCA’s requirement for individuals working in insurance to ‘possess appropriate knowledge and ability in order to complete their tasks and perform their duties adequately’ has not been called into question. As such, while the idea of scrapping the 15-hour requirement may reduce the regulatory burden superficially, the high-level standard (which can be applied with hindsight when consumer harm is detected) is still very demanding – the regulator’s expectations of insurance professionals will remain the same.
- The CII states that “education and training are vital aspect of these standards” and that “continuous professional development is a crucial element of professionalism because it allows individuals to adapt to a constantly changing technological, economic and social environment.
- Relying on its ability to set its own standards for its members (whilst often aligning these with those of the regulator), the CII has responded to the FCA and set out that there will always be a balance to be struck between rules and regulations, and the responsibility on professionals to do the right thing.