Peter Blanc, president of the CII, opened the first ever Ambassadors in Action conference by reflecting on how the Financial Conduct Authority’s Consumer Duty puts the onus on insurance and personal finance professionals to be able to demonstrate that customers and clients understand the products they purchase and advice they receive.
Volunteers who lead the CII’s 56 local institutes (LIs), 26 Personal Finance Society regional committees and five membership societies met on 17 May at the Ambassadors in Action conference in Birmingham to reflect on their shared purpose and good practice in supporting members.
Kicking off the conference, Mr Blanc said both insurance and personal finance professionals should “be singing from the same hymn sheet” and highlighting the value of advice if they want to meet the regulator’s Consumer Duty requirements.
He said: “The only way for consumers to be confident that they have purchased products suitable for their needs, and that will truly respond when the chips are down, is for a professional adviser to help them through the transaction.
“The importance of advice, professionalism and consumer trust is common across general insurance and financial planning, and this should be the common thread which joins the CII and PFS.”
At the conference, volunteers heard how the CII’s wider membership used the Shaping the future together consultation to call for a common strategy, clear purpose and objectives for LIs, regional committees and societies.
