The Chartered Insurance Institute has conducted a "major review" of its international work after revenues from across the world fell despite a focus on growing them.
In 2017, the CII saw international revenues fall from 11.6 per cent of total income to 11.1 per cent despite a series of initiatives around the world.
These latest results have prompted a review to address this, which has culminated in a new international structure being put in place to develop "regional relationships" as well as three strategic hubs operating from Hong Kong, India and the United Arab Emirates.
A spokeswoman for the CII said: "We have been building a strong pipeline of new business focused on targeted regions which we expect to see materialise throughout 2018/19 as well as some exciting new initiatives which will be announced in due course."
The restructuring of the international operations will see some new appointments to the international team to develop growth opportunities through established relationships and three new initiatives, which the CII said were being "progressed" but did not expand on what they were.
The spokeswoman said: "The CII and PFS membership is international and we are therefore committed to developing our programme of CPD and ongoing support to meet members needs.
But I have confidence in the board of the CII and the PFS so I am happy to take on face value this is being done for the right reasons. Simon Torry"Regulatory reform across the world continues to focus on the raising of professional standards and we have already engaged policy makers and the markets via our hubs based in India, Hong Kong and UAE.
"This renewed focus is likely to lead to positive growth for both CII and PFS membership which will ultimately benefit all members and the public alike."
There are currently approximately 12,500 international members of the CII, which means they make up a little over 10 per cent of the body's total membership.
During 2017 the CII posted income of £42.1m - up slightly from the previous year when it was £41.9m.
Speaking to Financial Adviser, Keith Richards, chief executive of the PFS, said Hong Kong was a core area for growth for the CII.
He said: “The CII is now one of the main professional bodies in Hong Kong following the merger a couple of years ago with the Insurance Institute of Hong Kong (IIHK) and we are expecting significant growth in membership in the region over the next two years.”
The merger saw the provision of an enhanced local CPD training course programme and members gaining access to the wider resources and support of the CII Group.
While the UK RDR brought in QCF Level 4 as a mandatory minimum requirement for investment advisers, without which they cannot get the statement of professional standing (SPS) needed to operate, Mr Richards said not all countries would necessarily bring in such stringent measures on advisers.
That said, there would be an "inevitable raising of standards", following a form of mandatory qualification and, depending on the individual regulatory regime, some countries might adopt a higher standard similar to the UK.
For example, Australia's regulators are currently exploring proposals to bring advisory standards up to a level four equivalence as a minimum.
But Mr Richards was quick to dismiss suggestions other countries' advice provision was lacking. He said: "Some people have described other countries' advisory regimes as a Wild West but I have not found this to be the case. In many parts of the world, for example in Asia, advisers are degree holders and many are chartered."
Many countries are now going through reforms which are similar to the UK's Retail Distribution Review (RDR) and the CII is not the only organisation seeking to benefit from this.
Novia has seen its global business increase by more than 500 per cent in the first half of 2018, driven by many jurisdictions going through their own versions of RDR, while Benchmark Capital, the platform and advice business backed by Schroders, has been expanding into Hong Kong, South Africa and Singapore.
Simon Torry, a chartered financial planner with SRC Wealth Management, said: "I suppose if revenues increase it means the CII is more robust and therefore it can support its members better, so indirectly it should benefit chartered UK members if the CII grows internationally [in the long-run] but probably in the short term, I doubt it very much.
"The institute obviously thinks this is an area it can generate more income from and I hope it knows what it is doing. But I have confidence in the board of the CII and the PFS so I am happy to take on face value this is being done for the right reasons."
Additional reporting by Simoney Kyriakou
