Training company to help keep re/insurance execs out of trouble
A training company has launched a new programme aimed at keeping executives working in the financial services industry – including those working in re/insurance – out of trouble by educating them on everything from the risks of social media to substance misuse and gambling.
The reinsurance industry is no stranger to scandals. Over the years, it has seen its fair share of sex scandals, unfortunate consequences resulting from the misuse of social media and fraud.
But regulators around the world are becoming ever tougher on the standards expected from executives working in the financial services industry. In the UK alone, there was a tenfold increase in the fines handed out to individuals by the Financial Conduct Authority’s (FCA) for misconduct which, according to findings from law firm Clyde & Co. They increased from £22.2m in 2016 to £229.4m in 2017.
And the remit of the UK regulator is set to widen. Last year, it announced plans to extend its reach to any firm that offers credit to customers, which is estimated to mean an additional 47,000 firms. It said its aim is to create a culture where individuals have personal responsibility for their actions, and a clear understanding of where responsibility lies within a firm. It means that a lot more directors and senior managers will come into the sights of the FCA.
On this basis, Professional Together, a training company formed by two senior retired police officers dedicated to helping people make better life decisions, has launched a new offering specifically designed for senior executives working in the financial services sector.
The programme is designed to help executives working in the financial services sector avoid or better deal with situations that could harm their reputation, career prospects and, by default, that of their firms.
Its sessions cover a range of threats to the reputation of those individuals and companies ranging from gambling to sexual consent to problems around substance misuse to the responsible use of social media. It will help executives make better life decisions by teaching them how to avoid or deal with threats or vulnerabilities that could have a negative impact on their career and lives.
Phil Davies is a former chief superintendent who served with the Metropolitan Police and South Wales Police for 30 years; Tim Jones is the former head of the professional standards department of South Wales Police.
Davies said: “We have launched this new training programme specifically because we believe there is demand in this sector. As a business, we originally started working with professional athletes but many businesses are now realising just how valuable what we offer can be.
“The financial services sector has very high standards and there is no room to make mistakes that could have huge ramifications career wise. This course aims to give individuals the tools to be more aware of the implications of their actions, the risks involved and make better decisions as a result.”
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