Why use a Chartered Insurance Broker?
Insurance brokers are regulated by the Financial Conduct Authority, who require that the business is properly managed. However, they don’t specify that staff qualifications are held or require a code of ethics.
The Chartered Insurance Institute is a separate body that is dedicated to building a public trust in the insurance and financial planning profession. Individuals can do exams with CII and apply to be an individual Chartered Insurance Broker, and they also issue Chartered status to Insurance Brokers as a whole.
To obtain this status, an Insurance Broker must adhere to six conditions:
1 – At least one member of the board must be individually Chartered.
2 – A director or partner who holds this status must be a responsible member, make sure that the firms full management team are aware of the CII’s laws and whistle blow where necessary. For clients, this means that the ethics of the CII are upheld throughout the company.
3 – The entire board and at least 90% of customer facing staff are CII members. This offers reassurance to clients that the staff that they deal with are qualified and knowledgeable in insurance when offering advice.
4 – The firm has an appropriate professional development programme, allowing staff to continue their professional development.
5 – Any client can access an individual Chartered Insurance Broker within the organisation, on request.
6 – Core values and business ethics in place within the organisation are comparable with the Chartered Insurance Institutes Code of Ethics.
How do I find out more about the benefits of chartered status when choosing an Insurance Broker?
To speak to one of our team to find out more about our Chartered status, call us on 01270 758070.
