Financial services education

Abstract

Purpose -The purpose of this paper is to chart the development of financial services education from its origins in the insurance industry to the current offering for people who wish to work in the life and non-life insurance industry. Financial services education within Ireland has evolved over time. Originally perceived to be an outpost of the British Insurance Institute, it is the responsibility of a variety of institutes that operate in the financial sectors, covering a range which includes insurance, banking and credit unions. Where tertiary education was optional, it is now a requirement of the regulator that people working in this sector have achieved at least this standard. Additionally, specialist qualifications for those working in the industry are being developed with academic involvement, as the institutes work to provide professional qualifications. Design/methodology/approach -To compare and contrast the Irish regulatory requirements, an analysis of other European Union (EU) national requirements was conducted, illustrating differences in education and current certification requirements. Findings -Educational requirements in Ireland go a long way in terms of ensuring that workers in financial services are adequately skilled in terms of academic, professional, ethical and continuous professional development (CPD). The Irish system covers a lot of aspects of financial services minimum competency code that is implemented in other EU jurisdictions, and in some cases, it has a unique approach in CPD. Practical implications -Serves as a comparable study of minimum competency requirements of EU for financial services employees and highlights differences in requirements across borders. Originality/value -This is a unique study of minimum competency code that has been implemented by financial regulators across EU member states and its impact in the industry in terms of raising the requirements of people involved in the sector. J of Fin Reg and Compliance 2014.22:78-95. 93 Financial services education J of Fin Reg and Compliance 2014.22:78-95.

A comparative analysis of supply chain management between Portugal and Ireland

“…Both Portuguese and Irish intermediaries prioritize staff development, exceeding regulatory requirements in their respective countries. This aligns with Brophy's (2014) observations regarding the Irish financial services industry's shift towards enhanced staff training. The study also reveals that Irish insurers are more likely to invest in intermediaries through ICT infrastructure for product sales and continuous professional development programs.…”

Supply chain management in the insurance industry – symmetrical and asymmetrical analysis

“…In practice, both Portuguese and Irish intermediaries have invested heavily in ICT, training and staff development. Although Brophy (2014) The findings of this study also indicate that insurers strengthen their relationships with brokers, fostering meetings in the B2B distribution market. The recent pandemic is a clear example of how insurers and intermediaries need adjustment to some products, such as non-life insurance products (health insurance).…”

“…In practice, both Portuguese and Irish intermediaries have invested heavily in ICT, training and staff development. Although Brophy (2014) highlighted a significant change in staff development in the Irish financial services industry with the introduction of the Minimum Competency Code and Portuguese requirements to work insurance, intermediaries in both countries have invested more into staff development. Insurers in Ireland have invested in the intermediary sector through various means, such as ICT mechanisms for selling insurance and continuous professional development.…”

The ethical decisions of life insurance salespeople: the effects of interest conflicts, ethical leadership and ethical training

“…The importance of this research The ethics of life insurance salespeople have attracted considerable attention by researchers, regulators and life insurance practitioners (Chen and Mau, 2009;Ankitha and Basri, 2019). The importance of ethical leadership, financial service education and certification requirements in the financial service industry of US and European countries is also mentioned (Avey et al, 2012;Brophy, 2014). This research focuses on how ethical leadership and ethical training may influence the ethical attitude and intention of life insurance salespeople.…”