Where am I? 
Home Better Business
Categories: Better Business
Topics: qualifications
The Chartered Insurance Institute (CII) says pro bono work may in the future exist as a course module that could count towards a qualification.
In its report 'Everybody wins: Pro bono work as a hallmark of the professional', it outlines how voluntary work should be considered "as important as passing exams".
It says stakeholders could offer pro bono work over a set period of time as a voluntary course module that could count towards a qualification.
Implementation, it says, may be along the lines of what is done in accounting degree programmes at some UK universities.
The awarding body would maintain lists of pro bono or volunteering schemes, to which registered practitioners are referred with an agreed terms of reference over a minimum period of time. The practitioner could then be required to submit a short report at the end of the scheme.
According to the CII's report, pro bono work in financial services is still relatively new compared to other sectors and professions.
But it says doing in-kind work on a gratis basis for the public or volunteering in support of a local cause can also help to advance professional development and rebuild public confidence.
Pro bono work could become a measure of professionalism equal to qualifications, it argues.
The body says it may be premature for UK financial services professional bodies to make pro bono work mandatory for their members as it is in the US.
However it avoids ruling out compulsion, and says the CII will "enable and incentivise" all individuals in financial services to offer free advice as they all possess some set of skills useful to the community.
Professional bodies could publish lists of individuals taking part in specific initiatives as a way of enhancing publicity.
"Pro bono and volunteering can take many forms whether you enjoy working with the public or not," it says.
"An underwriter helping to deliver their local institute lecture programme is just as much a pro bono activity as a financial adviser giving money planning to a Citizen Advice Bureau (CAB) client."
| Share | |
| Comment | Pro bono work could count towards qualification - CII |
More better business news
Email alerts
Recommended reading
Categories
Topics
Comments
Pro Bono Work
What a load of tosh. Despite the CII,s comment that Pro bono work is fairly new to IFA,s and other advisers(including some of the old direct sales forces who have disappeared) As long as I have been in the industry (22 years)Pro bono work has always been done, they called it servicing and looking after the clients. Not everyone out there were policy floggers, they really did believe in helping clients when it was needed.I do not understand where the CII are coming from, who did they survey to come up with this brainwave.
Posted by: terry
A Beautiful Day
Good to see Adam getting stuck in. Its interesting that in other professions they call it pro bono, whereas the FSA calls it cross-subsidising. Excellent! So some people get financial advice for free, paid for by those that don't. I don't mind doing it as long as you don't expect me to talk to those on benefits, or the unemployed
Posted by: The Edge
Free For ALL
IF Pro bono work is to count towards qualifications,a lot of advisers will already be at degree level!!
Posted by: lol
Why a qualification?
Firstly I agree with the above - I have already done plenty of pro bono work and the FSA don't like it as it is a cross subsidy. My paying clients would be none too chuffed either (perhaps my landlord would waive the office rental whilst I am doing freebies?). Why on earth should it lead to a qualification? Unless of course it is a way of generating further exam fees - or would it be a 'pro bono' qualification with the CII staff working for nowt? When doing this 'pro bono' work would the CII pay my staff and cover the PI for the advice I have given? Indeed how would our PI insurers view us giving advice to people who have, in some circumstances, completely screwed their finances already and are arguably more likely to claim for a bit of 'compo' down the line? Why would you need the skills and qualifications of a post RDR IFA to provide debt couselling? Anyway, I already spend several days a year volunteering with the D of E Award Scheme, my skill sets aren't solely related to Financial Services and shouldn't it be up to me to decide who I give my spare time to? Hey ho, looking forward to the first 'pro bono' CII revision day...... ;-)
Posted by: Bill
What a great idea!"
I'm up for this as long as the bureaucrats that dreamed it up are happy to make a contribution too. It seems only fair that if we are to be expected to work for nothing they too should refuse to take their salaries for a pro bono period leading to a reduction in the fees IFAs have to pay. Hello....is there anybody there? Where have they all gone then?
Posted by: Mike
Pro Bonio
But I haven't got a dog!
Posted by: Harry Katz
Pro Bono work
Bro Bono vs Servicing? If I set up some measure of trail related to the help I am giving then I am servicing. If I do something for a client for no payment then it's pro bono. However, I think that if the client did not have to pay or just did not pay (and there are some of those out there would you believe), then there should be no PI chargeable, no regulatory jurisdiction, no FSA fees for that class of work nor any FSA oversight (otherwise the fee-paying community would be cross-subsidising the free community) In other words you don' need to poke your nose in Regulators if we do something (and now I will use an unusual word for financial services)kind...
Posted by: Orlando Furioso
Bro Bono work
I forgot to say that, when giving free advice we should be allowed to be in exactly the same position as the Citizens Advice Bureau who dole it out and who are not potentially liable to be jumped on by regulators and for compensation.
Posted by: Orlando Furioso
Cross-subsidisation
Someone is having a laugh at us. Back when the original RDR idea raised its malformed head I responded and argued that it would remove the cross -subsidisation that has always been a feature of the retail advice process (maybe not for you, Harry). The Canary Wharf experts argued that cross subsidies were wrong and we had to stop such an evil practice yet now it has been acclaimed as worthwhile again. Funny old world, isn't it?
Posted by: Alan Lakey
Pro Bono
Here's the link to the CII paper: www.cii.co.uk/papersinprofessionalism
Posted by: David Ross
Related articles
Most Read
Audio / Visual
With the industry's biggest fund managers, IFAonline welcomes you to the media centre.
This year we have 14 awards designed to mark out the very best products in a highly competitive and innovative market. This includes three new awards for 2011 to reflect the developments in this rapidly growing market: Best Dual/Multi-Index Product, Best Structured (Oeic) Fund and Best Structured Product Provider.
Events
Poll
|
|
Job search
Ifaonlinejobs will open the right investment career path for you. Search hundreds of vacancies on www.ifaonlinejobs.co.uk now
In Focus
Viewpoints
About 2.66 million people are looking to increase the amount of money...
sponsored by
You as well...
I realise that the regulation has turned this industry into a laughing stock and as much as I like U2 the mans fan club should stay away from fincial services. Whatever next.. a National Complaints Day??
Posted by: Adam Clayton