CII reports 22% rise in ethics breaches

The Chartered Insurance Institute’s (CII’s) Professional Standards Board (PSB) has reported a 22% increase in ethics breaches in the financial services and general insurance industries.

According to its annual report, the PSB dealt with 311 cases that were unrelated to its Continuing Professional Development (CPD) scheme, up from 253 cases in 2012.

The non-CPD cases disciplinary actions ranged from FCA final notices, membership applications, decisions of courts or other regulatory tribunals, misuse of the CII’’s intellectual property, exam complaints and issues related to unprofessional conduct.

The other 210 cases were CPD defaulters (274 in 2012), the majority of which would have adhered and completed their CPD before the disciplinary process was terminated, the CII said.

PSB incoming chair David Hertzell said: “The CII’s professional standards are the cornerstone of its role as a professional body and the public and our members expect us to act if the code is breached.

“While great progress has been made since the PSB was established 10 years ago, it is important we remain vigilant. There is a sharper regulatory focus on the culture of the whole sector.

“We must also stay focused on the challenges which arise from the public and media perception of how well the sector is performing even when this may not always reflect reality,” he said.