CII reports

The Chartered Insurance Institute is reporting that 2005 was one of the most successful years in its 109 year history with a raft of new initiatives and services backed by muscular financial performance.

Revenues rose to a record high of £26.8m for the year – up 18% on 2004 at £22.7m. Surpluses, which are re-invested into future development of products and services, increased to £1.5m (2004 - £859,000) as the CII consolidated its position as one of the largest professional institutes in financial services worldwide.

The CII has also dealt with its defined benefit pension scheme deficit in full by closing the scheme to future accruals, a cash injection of £3.5m during 2005 and placing £1.5m in Escrow funds for further use by the scheme, if needed.

Major highlights of the 2005 review presented to the CII Council on April 12 included the creation of the Personal Finance Society and the introduction of the new Chartered Financial Planner title.

Membership growth was also particularly strong during the year and is currently approaching 90,000 individuals, based in 150 countries, while the Institute is the fifth largest Awarding Body regulated by the exams watchdog QCA in the UK.

The CII also achieved QCA five-day accreditation during 2005, the only professional body in the UK to have such accreditation for its awarding body activities.

Peter Hales, CII President, says that the CII’s influence in driving the move to higher levels of professionalism has never been better, “The FSA’s principle based approach is creating a real opportunity for the industry.

“I believe the CII, as the professional body, is at the core ensuring improved knowledge, continuing professionalism, qualifications and operating a Code of Ethics and Conduct.

“In other words professionalism, in other words a professional body at the heart of what we do.”

Dr Alexander, CII director general, says: “ The pace of development is continuing in 2006.

“We expect to make several exciting announcements over the next six months concerning the CII’s role at the heart of professional development in the UK, China and the ASEAN economies, India and the Middle East.

“Financially, we are forecasting an increase to our turnover to £29 - 30m in 2006 and to £34 – 35m in 2007 with operating surpluses of around 5% as this Institute goes from strength to strength.”