The Chartered Body Alliance, which is composed of the Chartered Insurance Institute, the Chartered Institute for Securities & Investment and the Chartered Banker Institute sent an open letter to FCA CEO Andrew Bailey in response to the regulator’s published 2018-2019 Business Plan.
The Alliance urged the FCA to “seriously increase its engagement rate with professional bodies”, which, it says, are “obvious partners to help the regulator achieve consumer trust in the UK sector and set a model for others around the world.”
In the letter the Alliance positioned itself as a distinct force in financial services with it being neither regulatory or organisational and one that could focus on “delivering cultural change across the profession.”
Simon Culhane, Chartered FCSI and CISI chief executive, said: “We stress to the regulator and the public at large the benefits to be obtained from engaging 200,000 professional body members, who are in positions of influence throughout the profession.”
Simon Thompson, chief executive of the Chartered Banker Institute, said: “As the professional bodies representing over 200,000 individuals we have a key role to play in helping current members and future generations develop the knowledge and skills required to work with technology to support customers.
“As such it is important that regulators recognise and more publicly acknowledge this role, our work and the personal commitment of our members and those achieving our professional standards.”
Sian Fisher, CEO, Chartered Insurance Institute said: “Working with the regulator we need to find ways to ensure that competition for customers can revolve around quality of service, good value and partnership, rather than only headline cost.
“If not, we will continue distortion to price to the detriment of customers and the profession alike.”
The FCA has been approached for comment.