Super-institute: ANZIIF to merge with Britain’s CII
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has announced its plan to merge with the UK-based Chartered Insurance Institute (CII).
The merged body will be known as the Chartered Institute of Financial Services (CIFS), and will have more than 100,000 members in 170 countries. This will be made up of 90,000 CII members and 12,000 from ANZIIF.
While details of its structure have not been revealed, its head office will be in London and the CII’s Chairman and CEO have already indicated they intend to run the new institute.
The merger – first reported by insuranceNEWS.com.au in March – is still subject to a vote by ANZIIF and CII members on January 28, but insiders say it’s virtually a done deal. It will create the largest financial services professional membership association and education body in the world.
ANZIIF CEO Joan Fitzpatrick told insuranceNEWS.com.au her association has been eager to collaborate with CII since signing a memorandum of understanding in 2006, and began discussing a possible merger last year.
CII CEO Sandy Scott, who said in a statement issued in London that he will be CEO of the CIFS, says the recent turbulence in the world economy “demonstrates the global nature of the capital and financial services markets, emphasising the urgency for professionalism to be addressed on a worldwide basis”.
“More and more regulation will not tackle the fundamental need for real professionalism,” he said. “This need will be met by the creation of the CIFS.”
Ms Fitzpatrick says a single entity “will be able to focus on the key challenges of the industry and the needs of the membership”.
“The CIFS will be the pre-eminent membership body for our industry, championing global standards and recognition for insurance and financial services professionals around the world.”
The two associations will write to members over the next few weeks with full details of the merger and a timeline for the vote. A dedicated website, www.institutemerger.com, will publish regular updates.
Lord Hunt of Wirral, a former UK Conservative Party minister who has been Chairman of the CII since May last year, has announced he will stand for the chairmanship of the CIFS global board, which will have equal representation from both organisations. The role of chairman will rotate each year for the first four years between the CII and ANZIIF, beginning with the CII.
Ms Fitzpatrick told insuranceNEWS.com.au that with a “confusing plethora” of educational options available for insurance industry practitioners, having a single global membership body would promote a clear set of standards and raise the profile of industry qualifications.
The CII and ANZIIF have been competing for market share in the rapidly expanding Asian financial services sector for at least 20 years, and as we reported in August, much of the rationale behind the merger is the need to counter increasingly aggressive American professional educational institutions’ moves into the Asian region.
Ms Fitzpatrick says the expansion of companies internationally prompted ANZIIF to develop its business in China and India more than four years ago. She says China is set to become the dominant insurance market in the world, “if it isn’t already”.
“Right now the Chinese are very keen on technical knowledge and mature market experience because their insurance industry is only 20 years old,” she said.
She says the merger announcement has received positive feedback from industry members in Australia and NZ.
And despite the internationalisation of the institute, she says it will continued to be a force in education in the two countries.
“We’ll continue to think and operate locally,” she said.
The merged body will be known as the Chartered Institute of Financial Services (CIFS), and will have more than 100,000 members in 170 countries. This will be made up of 90,000 CII members and 12,000 from ANZIIF.
While details of its structure have not been revealed, its head office will be in London and the CII’s Chairman and CEO have already indicated they intend to run the new institute.
The merger – first reported by insuranceNEWS.com.au in March – is still subject to a vote by ANZIIF and CII members on January 28, but insiders say it’s virtually a done deal. It will create the largest financial services professional membership association and education body in the world.
ANZIIF CEO Joan Fitzpatrick told insuranceNEWS.com.au her association has been eager to collaborate with CII since signing a memorandum of understanding in 2006, and began discussing a possible merger last year.
CII CEO Sandy Scott, who said in a statement issued in London that he will be CEO of the CIFS, says the recent turbulence in the world economy “demonstrates the global nature of the capital and financial services markets, emphasising the urgency for professionalism to be addressed on a worldwide basis”.
“More and more regulation will not tackle the fundamental need for real professionalism,” he said. “This need will be met by the creation of the CIFS.”
Ms Fitzpatrick says a single entity “will be able to focus on the key challenges of the industry and the needs of the membership”.
“The CIFS will be the pre-eminent membership body for our industry, championing global standards and recognition for insurance and financial services professionals around the world.”
The two associations will write to members over the next few weeks with full details of the merger and a timeline for the vote. A dedicated website, www.institutemerger.com, will publish regular updates.
Lord Hunt of Wirral, a former UK Conservative Party minister who has been Chairman of the CII since May last year, has announced he will stand for the chairmanship of the CIFS global board, which will have equal representation from both organisations. The role of chairman will rotate each year for the first four years between the CII and ANZIIF, beginning with the CII.
Ms Fitzpatrick told insuranceNEWS.com.au that with a “confusing plethora” of educational options available for insurance industry practitioners, having a single global membership body would promote a clear set of standards and raise the profile of industry qualifications.
The CII and ANZIIF have been competing for market share in the rapidly expanding Asian financial services sector for at least 20 years, and as we reported in August, much of the rationale behind the merger is the need to counter increasingly aggressive American professional educational institutions’ moves into the Asian region.
Ms Fitzpatrick says the expansion of companies internationally prompted ANZIIF to develop its business in China and India more than four years ago. She says China is set to become the dominant insurance market in the world, “if it isn’t already”.
“Right now the Chinese are very keen on technical knowledge and mature market experience because their insurance industry is only 20 years old,” she said.
She says the merger announcement has received positive feedback from industry members in Australia and NZ.
And despite the internationalisation of the institute, she says it will continued to be a force in education in the two countries.
“We’ll continue to think and operate locally,” she said.