Industry bodies agree on higher standards

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Industry bodies agree on higher standards

Retail finance organisations have put their weight behind proposals to clarify professional standards for the industry.

The Chartered Insurance Institute (CII), the Chartered Institute of Bankers in Scotland (CIOBS), the Institute of Financial Planning and the Securities & Investment Institute have signed the Edinburgh Declaration.

It states their commitment to help secure professional standards throughout the industry and comes ahead of the Financial Services Authority's own interim report of the retail distribution review.

Areas of particular focus are improving the public's awareness of professional qualifications, developing a qualifications benchmark and raising standards and ethics.

CII chief executive Dr Alexander Scott said: "This initiative today is about creating broad principles underpinning our activities."

Simon Thompson, CIOBS chief executive, added: "Higher standards of professionalism protect the public interest."

The FSA launched the review last year with a consultation period that ended in December; it will publish its findings in April and plans a feedback statement for publication in October.ADNFCR-323-ID-18537521-ADNFCR

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