The Chartered Insurance Institute (CII) has published its five-year strategic plan to help support the group of companies that make up the group, including the Personal Finance Society (PFS).
The plan is organised into two distinct phases. The first year of the plan – 2023 – focuses on addressing legacy systems issues, returning the CII to a surplus position after the pandemic and building strong foundations for the future.
Examples of the actions being taken by the CII this year include:
- Establishing a new arrangement with the 55 local insurance institutes across the UK to refresh its relationship with our volunteer networks;
- Undertaking a major review of the role professional standards plays in the context of chartered status for individuals and corporate members;
- Better promoting the rich data we already collect in respect of the public perceptions of trust in our professions and the value of chartered status;
- Engaging with stakeholders to develop a new, simpler qualifications pathway; and
- Resolving legacy IT issues.
The subsequent phase, from 2024-2027, will see the CII develop products and services. Actions the CII will take include:
- Simplifying recognition of prior learning and introducing digitally badged CPD;
- Evolving its digital shop to provide personalised recommendations for courses, support materials and other information;
- Implementing a new virtual member engagement platform to support its international community;
- Expanding its physical presence beyond its two current staffed offices in Dubai and Hong Kong; and
- Trialling a competition for Key Stage 5 or university students to engage students and spread interest in joining the advice and insurance professions.
Alan Vallance, interim chief executive of the CII, said: “I am delighted to announce this new plan and the detailed set of actions we will be taking over the next five years to achieve the institute’s mission – ‘to educate and support our members to deliver services to the highest professional standards and to advocate for the public good’.
“We are an international organisation, with members living and working in more than 150 countries around the world, and our vision is to ensure we help them in every way possible to build a world which delivers ever greater financial resilience for individuals and societies more broadly.”
Tension
This comes after the PFS announced it will have an independent governance review conducted by Integrity Governance following heightened tensions between the PFS and CII.
The CII sparked criticism after it appointed three of its directors to the PFS board in late December 2022. The move was deemed aggressive and also led to the resignation of PFS president Caroline Stuart at the beginning of January 2023.
This sparked a consultation with PFS members, conducted in January 2023. The findings of the consultation have been reviewed by the PFS board and presented to the CII board. The PFS board will await the CII board’s response to the consultation and the governance review, with the final phase of this work to be presented to both boards in April.
