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CII calls for restoration of trust in financial services sector

Published on 19 Feb 2010 under category: legal

The industry body for insurance has called for a reformation of the industry to improve its public image and change its practices.

According to the report from the Chartered Insurance Institute (CII), one in five consumers will "never trust the financial services industry" again.

Its survey found that 77 per cent of the public believe the only thing to restore public trust would be a "demonstrable commitment" to professional ethics.

Sixty-nine per cent believe that "continuous training" for people in the industry is vital in order to prevent another financial crisis.

The CII called on the sector to use the report for a sea-change in its culture, to make the public trust its services.

David Thomson, director of policy at the CII, said: "Trust lies at the heart of any business relationship, inherent in any service you pay for. It is the licence to operate, the foundation of trade, the catalyst for growth.

"We want to help deliver change that not only improves the public's perception of financial services, but the reality."

He added that the industry body would be promoting a higher minimum standard of qualification, a mandatory code of ethics and ways of making itself publicly accountable.

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