A key reform stemming from the FSA’s review of retail investment distribution will be the step-change in the professional standards of those who advise and sell these products to consumers.
Meanwhile in the general insurance sector, over 200 firms including most major insurers and brokers in the UK have signed up to a commitment known as The Aldermanbury Declaration to raise professional standards at all levels across their staff. Why are regulators and firms suddenly taking staff professional standards so seriously? Will this make a difference for the end consumer?
In this Thinkpiece, Adam Phillips draws on his expertise in the financial services consumer movement to provide this personal perspective on these issues.
This article first appeared in an edited volume by the Social Market Foundation entitled A Confidence Crisis? Restoring Trust in Financial Services published in July 2011 and the CII is grateful to the SMF for their permission to reprint this. Details on the full report are at the end of this article.