The Chartered Insurance Institute (CII) has proposed a framework of skills-based standards for the profession in response to the Retail Distribution Review (RDR).

According to the CII, decisive action is required if consumer confidence is to be restored in the insurance industry.

By establishing clear skills levels in the "post-RDR environment", this may be achieved, the industry body predicts.

"We will lead the debate and hope to develop a single framework of ethics for the sector," explains chief executive Dr Sandy Scott.

The organisation adds that efforts are required to simplify the "alphabet soup" of qualifications currently available to insurance practitioners.

Commenting on the publication of the RDR in July, Neil Pointon, chief executive of specialist Lloyds insurance broker PYV, suggested that clearer roles within the industry could enable more favourable Professional Indemnity insurance premiums.

His assertions were made in an interview with Money Marketing in response to the proposed introduction of the professional financial planner status.

Mr Pointon told the publication: "Introducing the professional financial planner category could improve arrangements with clients, leading to comparatively better rates."

PYV are one of the UK's leading providers of professional indemnity insurance. This news article has been produced by Adfero in collaboration with PYV and its unauthorised use is not permitted.