The Chartered Insurance Institute (CII), the Chartered Institute of Bankers in Scotland (CIOBS), the Institute of Financial Planning (IFP), and the Securities & Investment Institute (SII) have all backed the Edinburgh Declaration, which outlines their commitment to develop and build an industry consensus around raising standards and professionalism in advance of the Financial Services Authority's (FSA's) interim statement on the retail distribution review.
The Declaration aims to improve the public's understanding and confidence in financial qualifications, largely through the simplification of what it calls an 'alphabet soup' of qualifications.
It also wants to create an independent professional standards board to implement and oversee industry standards, alongside their ongoing development and consistency.
The four bodies will work together to develop detailled proposals with the FSA and the industry in the months ahead.
Dr Alexander Scott, CII chief executive said: "This initiative is about creating broad principles underpinning our activities. We welcome the other bodies responding to our call to bring about a step change that is visible to consumers and enhances trust and confidence in the profession."
Simon Thompson, CIOBS chief executive added: "Higher standards of professionalism protect the public interest. As a professional body, the CIOBS has always sought to improve ethical and professional standards, and we are delighted to be part of this industry-led initiative to improve trust and confidence in the financial services profession."
