Drive to improve public trust in financial sector

Three professional bodies representing almost 200,000 staff in the financial services sector have joined forces to launch a new initiative aimed at improving consumer confidence.

The Chartered Body Alliance will work to promote professional standards in the finance sector. Picture: Daniel Leal-Olivas/AFP/Getty Images

The Chartered Insurance Institute, the Chartered Institute for Securities & Investment and the Chartered Banker Institute have launched the Chartered Body Alliance, which aims to help consumers recognise the benefits of dealing with qualified professionals in the sector.

Each will retain its own identity and governance, but will work to jointly promote the importance of professional status and will respond to consultations that affect members across all three bodies.

Although the activities of each organisation focus on different areas of financial services, between them they cover activities including wealth management, insurance, financial planning, banking and capital market activities.

Simon Culhane, chief executive of the Chartered Institute for Securities & Investment which has 40,000 members in 116 countries, said: “We want consumers to be reassured when they interact with a member of a chartered body, and recognise that these individuals have the right knowledge and skills and adhere to high standards of integrity.”

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Simon Thompson, chief executive of the Chartered Banker Institute, said that having the three professional bodies working more closely together “will help to enhance and sustain professionalism and lead to an improvement in public confidence and trust and to a renewed sense of pride within the profession”.

Sian Fisher, chief executive of the Chartered Insurance Institute, added the alliance would inspire public confidence and trust.

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