CII seeks industry support to restore public trust

18 February 2010

CII Research shows scale of the challenge facing the Financial Services Sector – and sets out framework for regaining trust

A major research report released today by the Chartered Insurance Institute (CII) calls on the financial services sector to debate and develop solutions that will deliver change that not only improves the public's perception of financial services, but the reality.

The CII report - What we talk about when we talk about trust shows that today's 'crisis of trust', which many commentators have called unprecedented, is nothing new, other than in scale. The report – the first in a series about the issue of trust and the importance of public confidence – is part of the CII's attempt to promote a thoughtful debate on trust in the financial services sector.

Financial services has had a long-term trust deficit, which the credit crisis has made worse: CII research finds that one in five consumers say they will never trust the financial services industry again.

The report recommends that the sector uses this sentiment as an opportunity to take action that has long been needed, and bring the focus back to the consumer and the public.

When asked what would improve their perception and trust of the financial services industry, 77% of the public said that a demonstrable commitment to professional ethics would help. And 69% said that continuous training for employees in the industry would also help reassure them.

The report sets out the CII's views on what trust means today for financial services, and five possible keystones to regaining it, including a major focus on higher standards of professionalism.

David Thomson, director of policy at the CII, commented, "Trust lies at the heart of any business relationship, inherent in any service you pay for. It is the licence to operate, the foundation of trade, the catalyst for growth.

"As we have seen recently, when trust fades, or is suddenly shattered, reputations that have taken a generation to build can be irrevocably damaged.

"We want to help deliver change that not only improves the public's perception of financial services, but the reality.

"We have been steadily gaining support for our new vision of what professionalism constitutes in terms of the public. The CII Taskforce is confident of being able bring a clear and robust structure to the challenge of building a profession.

"We think it should take a higher minimum standard of qualification, subscription to a rigorous code of ethics, participation in continuing education, and professional body monitoring and discipline that is visible to the public.

"The CII calls upon the whole industry – not just those parts connected to 'casino' banking – to join the conversation and develop lasting solutions that will retain the trust and confidence of the public."

Further details of and a full copy of the CII's report "What we talk about when we talk about trust" is available at: http://www.cii.co.uk/research

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