Independent ethics review backs CII professionalism drive

8 May 2009

An independent study of professional ethics commissioned by the Chartered Insurance Institute (CII) endorses the CII view that promoting higher ethical and professional standards is central to developing insurance and financial services as a modern and progressive profession that enjoys public trust and confidence.

The second in a series of papers on professionalism, 'Getting professional about ethics' makes the key recommendation that the CII's revised Code of Ethics be part of a major communications effort stressing to members the importance of ethical behaviour as part of professionalism.

The report was done in parallel to a fundamental review of the CII's own Code of Ethics that all qualified members must comply with. A new strengthened and streamlined code has been produced, complete with guidance. The revised code will come into force for members this summer.

Other recommendations in the independent report are that all CII members should be required to declare as part of their annual membership renewal that they have read and understood the new Code of Ethics; and that CII training places more emphasis on ethical and conduct matters, with their incorporation into courses and exams rather than creating individual free-standing modules.

David McIntosh QC (Hons), independent chairman of the CII's Professional Standards Board, said:

"Raising ethical standards at all levels in the profession is a fundamental part of CII's broader project to enhance public trust and confidence in the sector. Ethics is not something for senior people to worry about and everyone else to ignore. It is an essential part of being a professional which needs to be understood and applied early."

The independent review comprised interviews with CII senior staff and board members, surveys and focus groups of members, and interviews with key external organisations such as the financial regulator, industry trade associations, consumer groups and other professional bodies. The work has been ongoing since early 2008.

David McIntosh added:

"This review was commissioned well before the question of ethics in financial services – especially banking – hit the headlines last year. It is a long term and considered analysis of what professionalism is all about; not a kneejerk reaction to the credit crunch."

Report author, Martin Le Jeune, said that the CII needs to lead on promoting ethics:

"That this is a role for a body like the CII seems indisputable. It has the systems, the membership and the traditions necessary. It has the infrastructure of enforcement and standards, a long standing code (now revised and improved) and a commitment from its leadership to ethics."

Welcoming the report, David Thomson, Director of Policy and Public Affairs at the CII, said the CII would look at the recommendations with care and debate them with members. He added:

"It is clear that this independent report is timely given the public concern over ethical standards, particularly in the financial services industry. It is clear that how an individual behaves is a clear public litmus test for professionalism."

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