Future of CLU discussed
Financial Planners and Insurance Advisers Association risk advisers meet to discuss the future of the Chartered Life Underwriter (CLU) designation.
Tuesday, August 26th 2003, 10:48PM
"Currently there are just 54 CLUs in New Zealand and the number of risk advisers proceeding through the Massey education pathway is also low," Financial Planners and Insurance Advisers Association chief executive Phillip Matthews says.
"This meant there was the possibility of Massey discontinuing the papers for CLU with the consequent loss of the CLU education path."
Matthews says a taskforce has been established to look at this issue. One idea put forward was that CLU be discontinued, and insurance advisers support the financial planning designation - the Certified Financial Planner (CFP) mark - instead.
The rationale being that the CFP mark is more widely used in the world (present in 18 countries) and at nearly 300 licensees within the FPIA was more widely held within the association.
"Neither the FPIA insurance college committee nor the board accepted or recommended the proposal," Matthews says. "But they did feel that this was an option and way forward that deserved to be put before and have input from all FPIA CLU members."
Consequently CLUs discussed the issue in a conference call yesterday.
FPIA members who took part decided that they wanted to retain and actively promote the CLU designation on the grounds that it represents the highest standard of insurance advice.
Matthews says taskforce members took part in the conference call and they have undertaken to take the members' views back to the college and the board which are meeting later this week.
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