The Chartered Insurance Institute (CII) will start checking diversity policies in chartered firms to ensure they are “delivering positive change for the profession and wider society”.
From 2021, the CII will request examples of the impact firms' diversity policies are having when they seek to renew their status.
Having a diversity and inclusion policy became a requirement for chartered firms in July 2019, when the CII introduced a five-point action plan to ensure its corporate chartered status is modern and firms have a positive impact on society and the wider profession.
Melissa Collett, professional standards director at the CII, said: “It is vital the requirements for corporate chartered status ensure the profession remains modern, relevant and diverse.
“Corporate chartered status requirements are continually reviewed to ensure relevance and are overseen by the CII’s Professional Standards Committee, which is chaired by an independent legal practitioner and includes representatives from across the profession as well as consumer groups.
“We believe that by actively listening to the feedback from stakeholders, we can continue to build public trust in a more diverse, inclusive and united profession.”
Anna Sofat, associate director at Progeny and a campaigner for diversity and inclusion, welcomed the move.
She said: “If we are going to move the dial on diversity in our profession we need a bold move, and this is just that.
"One of the big issues in our industry is a lack of representation from women and minorities. A professional body taking a view and saying let’s try to better reflect the clients we serve will help change this by bringing diversity right into the heart of firms’ strategic planning and decision-making.”
According to the CII, more than 900 chartered firms that have sought to retain their status this year have confirmed that a diversity and inclusion policy will be implemented by the end of 2020.
Alongside its diversity drive the CII also pledged to enhance the value of its chartered status, ensure it has relevance to changing business models, and ensure it has effective oversight over its members.
The CII’s announcement comes after the Government Equalities Office announced in March that employers would not be expected to report their gender pay gap data for the 2019-20 year as a result of the coronavirus.
chloe.cheung@ft.com and rachel.mortimer@ft.com
