Context
The CII has published an article suggesting that public reporting about non-financial misconduct (NFM) may help address NFM in the insurance sector. The CII points out that regulation alone will not change culture. In a new report, the professional body identifies greater public reporting on complaints, processes and outcomes as a potential lever to strengthen accountability and accelerate cultural change.
Key points to note and next actions
- As well as public reporting, the report identifies areas for further consideration to include commercial pressures, where fear of reputational damage prevents action against misconduct; and the establishment of internal capability for firms to exercise consistent judgement on misconduct.
- It was also agreed that small firms are likely to require targeted support to address the structural challenges of small firm environments.
- The next phase of the CII’s research will move beyond understanding why misconduct persists, to testing which interventions are effective. Priorities include piloting interventions within firms, developing baseline measurement frameworks, creating anonymised case study resources, and providing psychological safety support for those who report misconduct.