The U.K.’s Chartered Insurance Institute (CII) announced the selection of Lord Hunt of Wirral MBE as the first independent Chairman of its Professional Standards Board.
“David Hunt is senior partner of Beachcroft Wansbroughs, the national commercial law firm, which has significant expertise in insurance and financial services,” said the bulletin. “He led the legal teams that established the Pension Advisers Support System (PASS), the Raising Standards initiative, the Pensions Protection Investments Accreditation Board (PPIAB) and the Association of Independent Financial Advisers (AIFA). From 1999 to 2002 he served as the first Chairman of AIFA.”
The CII noted that one of “Lord Hunt’s first tasks at the CII will be to oversee the launch of its new Code of Ethics and Conduct. The Code places the focus on the personal responsibility of members for their own conduct and that of the industry.”
Lord Hunt commented: “The financial services industry has to demonstrate its commitment to the highest standards of ethical practice and good conduct. Only then will it begin to re-build consumer confidence and trust. The CII is at the heart of this process and the conduct of its members must be a beacon for others to follow. The new Code is highly relevant and we need to embed its principles at all levels of practice within the industry if we are to have a positive influence on behaviour.”
A Code of Conduct has formed an essential aspect of CII membership for over 100 years. The Professional Standards Board (PSB), led by outgoing Chairman John Lyons, completed a review of the Code earlier this year following consultation with the industry, members and the Institute of Business Ethics.
“The new Code establishes and articulates the values, responsibilities, obligations and ethical considerations of members on how to handle situations which pose a dilemma between alternative right courses of action, or when faced with pressure to consider right and wrong,” the bulletin explained. “It sets out to reflect the concerns of CII members and the context of the relationships and business environment in which they operate. In addition to promoting the professionalism and the adoption of the highest standards by CII members, the PSB also offers guidance to the CII on its internal governance standards. ”
Further information on the Professional Standards Board and the Code of Ethics and Conduct can be found on the CII website at:
A pdf of the Code of Ethics and Conduct can be downloaded at:
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