How feedback from the Shaping the future together consultation will inform the CII strategy for the next five years, ensuring the professional body is fit for the future
The Shaping the future together consultation – which closed on 17 December 2021 – outlined a vision for how the Chartered Insurance Institute (CII) will work to raise public trust across a number of key areas. In addition to the dedicated PFS chapter, which invited views on the relationship between the CII and PFS, the consultation set out proposals for making learning provision more user-friendly and that more be done to recognise previous attainment and experience as part of CII qualification pathways. The consultation also looked at evolving the current membership model with three levels of membership and considered amendments to the CII’s governance structure to enable greater clarity and efficiency. Finally, it explored options to strengthen support for those practising internationally with a focus on core technical proficiencies and continuing professional development.
Sian Fisher, exiting CEO of the CII, said: “When we launched the Shaping the future together consultation in October last year, we gave members and stakeholders the opportunity to have their say on how we can best inspire public trust and confidence in our family of professions. We know that, as a professional body, we can only provide our members with the support and services they want, if we truly understand their needs and expectations.
“As part of the consultation process we invited feedback via the website and through our series of meetings where we listened to the views of local institutes, individual members, inclusion and diversity champions, trade associations and consumer champions. We are grateful for all the contributions we received, both quantitative and qualitative input. The consultation feedback will help inform how we shape our strategy for the next five years and ensure we are fit for the future.”
Dedicated PFS supplement
The CII and PFS have achieved a great deal in concert together, and there are many positive aspects to the ways in which this has been done. Shaping the future together reflected this, developing a vision of a unified professional body, while also recognising and respecting the differences, unique culture and needs of each segment of its membership.
Acknowledging, however, that some members are not satisfied with the current relationship, the consultation provided the opportunity for members and other stakeholders to share their views on governance and the working relationship between the CII and the PFS, in as much detail as they wanted.
2022 is an important year, particularly as the world starts to emerge more fully from the impact of the global pandemic, so a key focus for the PFS in 2022 is building a strong, sustainable and trusted profession that ensures ensure financial planners continue to empower people to have confidence in managing and planning their finances.
Sarah Lord, president of the PFS, said: “As a profession our key challenges in 2022 continue to centre on changing client needs and technology advances. It remains important to focus on new generations of clients, building a clear understanding of they want from their relationship with a financial planner. The inter-generational wealth transfer is upon us now, so we need to be on the front foot. We must offer appropriate client experiences for the next generation of clients, so we sustain our client base for the future.
“Only by securing our own financial futures through a clear focus on attracting fresh talent, building resilient business models, and focussing on the client relationship, will our profession be well placed to empower more individuals to manage their money and achieve their financial goals.
“Shaping the future together gave members the chance to share their views on the CII’s proposals for areas including the qualification framework, membership structure, professionalism, learning and assessment. It was also an opportunity for every member to have their say on the strengths and challenges of how the CII and PFS currently co-exist, and ideas for how this might be improved for the future.”
Analysing consultation feedback
The consultation took place from 15 October to 17 December last year. At the time of the Personal Finance Professional going to press, the process of collating, reviewing, analysing, and evaluating the feedback received throughout the consultation is well underway.
Early responses to the consultation showed that members want the CII to drive deeper engagement between the financial services profession and the wider public, government and regulatory bodies.
Initial evaluation of the qualitative feedback shared by those responding to the dedicated PFS supplement of the consultation indicates that, when asked about the advantages in the way the PFS and CII currently operate, there are a few common themes. Respondents acknowledged the benefit of the economies of scale provided by a shared operational infrastructure, while also recognising that the existing governance structure enables a targeted proposition suited to the needs of each sector. Further, early feedback shows that there is more strength in working together towards shared goals like increasing public trust and improving professional standards, while wanting, at the same time to be able to tackle bespoke agendas with a clear and determined focus. Respondents also recognise the value of the Chartered status, and see access to exams, continuing professional development (CPD) and provision of a statement of professional standing (SPS) as distinct advantages too.
Early review of responses has also revealed respondents’ thoughts on how the PFS and CII can best co-exist and work together, with an emphasis on taking steps to preserve the elements of the organisation that have secured success for the PFS since it was founded in 2005. Public outreach remains top of the agenda for both personal finance and insurance respondents on how the organisation can raise trust in the profession.
Thank you, and next steps
The CII values and appreciates all feedback that has been received and thanks all those who took the opportunity provided through the consultation to help the CII shape the future of the organisation, ensuring it is fighting fit for the future – providing members with the support and services they need to thrive professionally and strengthening public trust in the profession.
A summary of findings will first be shared with members and stakeholders towards the end of February 2022.
Consultation findings will be used to inform the CII’s strategic plan to be implemented from 2023.