ANZIIF and CII set to merge
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the Chartered Insurance Institute (CII) are to merge. The merger will create the largest professional membership association and education body for financial services in the world.
The institute will be named the Chartered Institute of Financial Services (CIFS). The merged body will have more than 105,000 members in 170 countries.
Joan Fitzpatrick, the chief executive of ANZIIF, said: “As a merged organisation, rather than duplicating effort, the single entity will be able to focus on the key challenges of the industry and the needs of the membership.”
Group chief executive of CII, Sandy Scott, said: “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. This need will be met by the creation of CIFS.”
The merger is subject to a vote of the members of both bodies, which will be held in January.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
