SHIP says its review, which started in January 2011 has already gathered information from stakeholders including intermediaries, providers, representative bodies, not-for profit organisations and legal services firms.
The feedback centered on how they would like to see a more representative body operate and will be used as the basis for the consultation process going forward.
SHIP has appointed a Formation Committee – headed by Smee, formerly of the Association of British Insurers and the Association of Independent Financial Advisers – to develop, in full consultation with stakeholders, a blueprint for how this organization might look.
The initial review of the findings will be in Q3 2011.
Andrea Rozario, director general at SHIP, says: “With SHIP celebrating its 20thanniversary this year, it is the ideal time to review what we have achieved and how we can help the industry grow in the future. Clearly the safeguards SHIP insists on are paramount and remain at the heart of everything SHIP does.
’To this end, we are very pleased that Paul Smee will help to develop a blueprint as to how a broader representative body might work. He is highly respected in the financial services arena and is the ideal person to help us to evolve as an industry. “