The U.K.’s Chartered Insurance Institute (CII) announced the opening of its new London Market Faculty at a special reception held at London’s newest landmark – Swiss Re’s London headquarters building, popularly known as “The Gherkin.”
“More than 250 of the top practitioners from the London and Lloyd’s market attended the reception which was held to coincide with the availability of Faculty membership,” said the CII bulletin. “Support will be a key feature of the Faculty; this will extend to individuals within their organisations, and will take the form of raising standards and thus boosting the reputation and standing of members within the insurance industry, throughout the commercial sector and across the wider community.”
Speaking at the reception Derek Thornton, chairman of the Faculty Advisory Board and a director of Heath Lambert stated: “London must take the lead and will only remain at the centre stage if it is seen as a trusted, respected and professional market. There will remain an ongoing need to develop and raise standards. At the heart of the CII London Market Faculty will be standards of professional conduct for those working in the London Market.”
The CII London Market faculty will act as the acknowledged centre of technical excellence and good practice. Thornton noted: “It will be accessible to members and also to commentators, regulators and policy makers and will be the face of the London Market. Through the involvement of all key stakeholders, the Faculty will make relevant and timely comment on policy discussions which have an impact upon the delivery of professional insurance and re-insurance advice.”
The facility will offer a program of training, education and learning support that is relevant to the needs of London market professionals that reflects good market practice, and supports the Financial Services Authority’s (FSA’s) requirements.
Thornton concluded his presentation by urging the audience to encourage their people to join the Faculty and take advantage of the many benefits it offers stating, “This is good for the individual, the betterment of your business and provides the chance to demonstrate all that is good about our market.”
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