The Chartered Insurance Institute (CII) has reasserted its commitment to ensuring that the diversity and inclusion policies that firms have in place are making a “positive difference” to the make-up of the profession – and it has said it expects to see practical examples in place next year if firms want to retain Chartered status.
Speaking this week, Melissa Collett (pictured), Professional Standards Director of the CII, said that last summer the CII unveiled five actions it would take to ensure Corporate Chartered Status is “modern relevant and diverse”, and to ensure Chartered firms have a “positive social impact” and contribute to the development of the wider profession.
One of the five actions saw the CII introduce a requirement for Chartered firms to have a diversity and inclusion policy from July 2019 onwards.
Collett said that more than 900 Chartered firms that are seeking to retain their Chartered status in 2020 have now confirmed they will have a diversity and inclusion policy in place by the end of this year.
She said that to assist insurance and financial advice firms, the CII has issued guidance on what approaches businesses could take to establish an inclusive culture that leads to fair outcomes and promotes respect and equality.
She said: “It is vital the requirements for Corporate Chartered status ensure the profession remains modern, relevant and diverse.”
Collett said that to make sure these policies are delivering positive change for the profession and wider society, the CII this week confirmed that from 2021, it will request examples of the impact the approaches are having on Chartered firms when they wish to renew their status.
Collett said: “Corporate Chartered Status requirements are continually reviewed to ensure relevance and are overseen by the CII’s Professional Standards Committee, which is chaired by an independent legal practitioner and includes representatives from across the profession as well as consumer groups.
“We believe that by actively listening to the feedback from stakeholders, we can continue to build public trust in a more diverse, inclusive and united profession.”
More information about the five steps taken in the last 12 months is available here.