Context
The CII has stated that it has found significant opposition to the FCA’s proposal to remove the requirement for those working in the insurance profession to undertake a minimum of 15 hours training and development per annum. The FCA’s Consultation into simplifying insurance rules (CP25/12) closed on 2nd July. The CII’s full consultation response is available here.
Key points to note and next actions
- The CII asked its members for their views, finding that 80% of (582) respondents believed the ‘public perception of the insurance profession will suffer’ if the FCA removes its 15-hour requirement. A similar proportion [83%] agreed or strongly agreed that ‘Undertaking Continuing Professional Development is essential for me to be viewed as a professional by my clients or customers.’
- The CII had encouraged its members to respond to the FCA’s consultation in a letter distributed to all its insurance members on Friday 27th June.
- The CII has previously stated that its own CPD requirement will remain irrespective of the outcome of the FCA’s consultation.
- This snapshot of member views shows that CII members strongly support maintenance of higher standards