CII launches framework for SMEs on promoting ethical culture
The Chartered Insurance Institute (CII) has launched a practical framework for SME’s on promoting ethical culture, and the link to building trust with clients and the public.
The report builds on the recently updated SMCR from the FCA. It outlines how behaviours, beliefs, and habits will impact the ethical culture within a firm and explains how that ethical culture will influence the trust that both employees and clients have in a firm and how ultimately trust will influence the success of a firm.
Identifying four key recommendations, the report identifies the importance of:
- The adoption of a clear leadership style
- The implementation of an open narrative in all business dealings
- The understanding of ethics in terms of tone given to the firm’s strategies, plans and targets
- The capabilities and delivery of an ethical culture by the firm and its people.
Sian Fisher, CEO of the Chartered Insurance Institute said: “This report highlights a key focus of the CII: building trust through ethical culture.”
“Every firm has a culture, whether you employ 10 or 10,000 people. The behaviours, beliefs and habits of those people will add up to the culture of your firm. This guide sets out the steps that small to medium firms can take to understand and influence the culture at their firms, so that as a result, trust in their firm is legitimately earned from their employees and clients, and will be more sustainable.”
Duncan Minty, author of the report, and expert on insurance and ethics, said: “To build trust in your firm, you need to address the ethics of the behaviours, beliefs and habits within its culture.””
“For the benefit of the consumer, it is important to bring these elements together because those behaviours, beliefs and habits will determine the ethical culture within the firm, and that ethical culture will influence the trust that people have in the firm. Trust will influence the success of the firm.”
For more information, and to read the report CLICK HERE
The Chartered Insurance Institute (CII), the leading professional body for the global financial services profession, exists to promote higher standards of integrity, technical competence and business capability. With over 115,000 members in more than 150 countries, the CII is the world's largest professional body dedicated to insurance and financial services.
Our membership covers all disciplines within the insurance industry (claims, broking, underwriting), those working in the life and pensions sector, the mortgage advice market and financial advisers (under the Personal Finance Society brand).
Our Royal Charter requires us "to secure and justify the confidence of the public" in our members and in the insurance and financial services sector.
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