As the Financial Conduct Authority’s (FCA) Consumer Duty marks its two-year anniversary, sector leaders are increasingly endorsing the Chartered Insurance Institute’s (CII) Professional Map. Launched in September 2022, the Professional Map serves as a competency framework, career development tool, and international benchmark for excellence in the insurance and personal finance professions. It identifies key behaviours such as insight, drive to deliver, curiosity, and integrity, helping firms align with the Consumer Duty principles to deliver better customer outcomes.
Enhancing Professional Standards
The CII Professional Map has become a cornerstone for firms aiming to enhance their professional standards. By providing a structured approach to ethics and compliance, the map helps businesses standardize competencies across their operations. This includes banding, training, and assessment that cover integrity, impartiality, and independence. The map also emphasizes principled behaviour and organizational standards, ensuring that firms maintain high levels of professionalism and ethical conduct.
Philip Greenwood, Head of Technical Consulting at EQ Investors, highlights the importance of behavioural aspects in employee development. He notes that while technical ability is crucial, behaviours play a key role in shaping the future of the profession. The Professional Map offers a framework for understanding and developing these behaviours, acting as a reference point for setting expectations and providing structured learning opportunities.
Caroline Hawkesley, UK Managing Director at Progeny, reflects on the benefits of using the Professional Map. She explains that it aligns with their commitment to treating clients fairly and adhering to Consumer Duty principles. By formally integrating these behaviours into their business practices, firms can deliver consistently high standards and become a force for good in the industry.
Driving Cultural Change
The adoption of the CII Professional Map is driving a cultural shift within the insurance and personal finance sectors. Firms are increasingly recognizing the value of embedding these behaviours into their organizational culture. This involves incorporating behavioural assessments into hiring processes, performance reviews, and reward systems. By doing so, businesses can ensure that their employees not only possess the necessary technical skills but also exhibit the desired behaviours that align with Consumer Duty principles.
Leadership plays a crucial role in this cultural transformation. By prioritizing the development of key behaviours, leaders can create an environment where ethical conduct and professionalism are the norm. This cultural shift is essential for delivering better customer outcomes and maintaining trust in the industry.
The Professional Map also serves as a tool for continuous improvement. It provides a clear framework for identifying areas where firms can enhance their practices and offers resources for ongoing development. This commitment to continuous improvement is vital for staying ahead in a rapidly evolving industry and meeting the ever-changing needs of customers.
Aligning with Regulatory Requirements
The CII Professional Map is not just a tool for internal development; it also helps firms meet regulatory requirements. The FCA’s Consumer Duty emphasizes the need for firms to deliver good outcomes for customers and act in their best interests. The Professional Map provides a structured approach to achieving these goals, ensuring that firms are well-equipped to comply with regulatory standards.
By aligning their practices with the Professional Map, firms can demonstrate their commitment to ethical conduct and customer-centricity. This alignment is particularly important in an industry where trust and transparency are paramount. The map helps firms build and maintain this trust by providing a clear framework for ethical behaviour and professional standards.
In addition to meeting regulatory requirements, the Professional Map also supports firms in achieving their business objectives. By fostering a culture of continuous improvement and ethical conduct, firms can enhance their reputation, attract and retain top talent, and ultimately deliver better outcomes for their customers.
