Part of my extended role within the CII includes developing the organisation’s international proposition.
The CII has more than 13,000 members located overseas, while the PFS has close to 700 international members across the globe. We expect these numbers to grow in the coming years as labour mobility escalates and the international drive for higher professional standards continues.
The CII already has strong links with Asia, with two regional offices in Hong Kong and India in place to support our growing membership base across the region.
In 2015, the CII and the Insurance Institute of Hong Kong merged to create Hong Kong’s foremost insurance and financial planning professional body. Hong Kong is now home to the largest number of CII members outside of the UK.
The CII is also building its presence in the Middle East, and just this week announced a new partnership with the United Arab Emirates Insurance Authority. We will be establishing an education programme in Abu Dhabi, delivering face-to-face training, study materials, examinations and qualifications.
The CII has an overarching plan to grow its international presence, and we will do this through our regional offices, strategic alliances and partnerships.
During my recent visit it was clear that there is demand from members to extend the PFS proposition of guidance and CPD, as many countries continue to go through their own versions of RDR. We are committed to evolving our membership proposition to meet the needs of a growing and more geographically dispersed membership base.
From my discussions with both PFS members and local regulators, there was a clear recognition that the regulatory framework in the UK is world-leading. The need to build public trust in financial services seems a common theme and I believe the UK advice profession is now leading the way. We should not rest on our laurels, but we should take pride in the strong reputation our sector has developed in recent years.
It was a pleasure meeting with more than 80 financial advisers across Hong Kong and Singapore, most of whom serve the expat community across Asia.
They were extremely engaged with developments in the UK financial advice sector, and while Brexit was a hot topic of conversation, there was also significant interest in FAMR and the UK regulatory environment, as well as PFS initiatives such as our ScamSmart and apprentice development programmes.
There is a clear demand for the CII and PFS to expand its role across Asia, and indeed internationally, and we recognise that we can play a wider role in an ever-changing international financial services landscape.