The Chartered Insurance Institute's (CII) new online Compliance and Competency System (CCS) is being given a positive welcome by the Financial Services Authority.
David Jackman, head of industry training at the FSA, says: “It is the role of the FSA to protect consumers by driving up and then maintaining standards. It is the responsibility of companies and their employees to ensure they comply with these requirements.
“The CII's Compliance and Competency System, with its comprehensive range of tools, is an exciting development that will assist organisations and individuals to meet the required standards and importantly remain compliant as regulations, legislation and product designdevelop. The CII is to be applauded for constructing a system with such industry-wide appeal.”
CCS is part of the CII's new total education Internet facility ed. and has been designed following extensive consultation with leading insurance and financial services organisations. Its content and functionality fully reflects feedback received from those on the 'front line', enabling it to cater for current competency and training needs.
Last week the CII also announced a joint partnership arrangement with the LIA (Life Insurance Association) to develop the definitive online compliance and competency system – within the CCS facility – aimed specifically at those in the financial planning market.
CII director general Dr Sandy Scott adds: “Maintaining competence is vital and it is essential that tools are available which promote understanding of the regulatory framework and allow those involved to achieve and then maintain compliance. I am delighted with the positive comments from the FSA.
“These mirror our excitement with the ed. system which is set to revolutionise the whole training and competence process.”
ed. is designed for the full spectrum of general insurance and financial services organisations. It is comprised of two core systems, the CCS, and a Learning Management System that provides access to the CII's unrivalled portfolio of training material. A Knowledge Assessment System, continuing professional development log and a range of reporting systems are just some of the resources that underpin the ed. facility.