The Chartered Insurance Institute has announcd the companies will be checked to ensure that they are correctly using diversity and inclusion policies, or risk losing their 'Chartered-status'.
The CII is to undertake checks to ensure that Chartered firms policies are making a positive difference to the make-up of the insurance profession.
Last summer the Chartered Insurance Institute unveiled five actions it would take to ensure Corporate Chartered Status is modern relevant and diverse, and to ensure Chartered firms have a positive social impact and contribute to the development of the wider profession.
It is vital the requirements for Corporate Chartered status ensure the profession remains modern, relevant and diverse," Melissa Collett, Professional Standards Director of the CII
One of the five actions saw the CII introduce a requirement for Chartered firms to have a diversity and inclusion policy from July 2019 onwards.
To assist insurance and financial advice firms the CII issued guidance on what approaches businesses could take to establish an inclusive culture that leads to fair outcomes and promotes respect and equality. More than 900 Chartered firms that seek to retain their Chartered status in 2020 have confirmed they will have a diversity and inclusion policy in place by the end of this year.
To make sure these policies are delivering positive change for the profession and wider society, the CII has today confirmed that from 2021, it will request examples of the impact the approaches are having on Chartered firms when they wish to renew their status.
Melissa Collett, Professional Standards Director of the CII, said: "It is vital the requirements for Corporate Chartered status ensure the profession remains modern, relevant and diverse.
"Corporate Chartered Status requirements are continually reviewed to ensure relevance and are overseen by the CII's Professional Standards Committee, which is chaired by an independent legal practitioner and includes representatives from across the profession as well as consumer groups.
"We believe that by actively listening to the feedback from stakeholders, we can continue to build public trust in a more diverse, inclusive and united profession."
Click here to find out more about the five steps taken in the last 12 months to ensure Chartered firm status remains modern, relevant and diverse.