Chartered Insurance Institute (CII) chief executive Alan Vallance has decided to leave the professional body just 18 months into the role.
In an email to CII staff sent today (26 October), seen by Money Marketing, the body said Vallance will step down from the position in spring 2024.
He will take up an equivalent role at the Institute of Chartered Accountants in England and Wales (ICAEW).
The CII said the hunt will soon begin for a successor.
Vallance was appointed as the CII’s new CEO in April last year to replace previous CEO Sian Fisher. He took up the role that August.
He was tasked with taking forward the CII board’s “refreshed strategy” and next five-year plan.
Commenting on his departure, chair Helen Phillips said the CII Group board is “very sorry” to have learned of Vallance’s decision, but “recognises his desire to take, what is, a unique opportunity to lead the chartered body of his own profession”.
“The CII Group board is grateful to Alan for the remarkable job he has done over his tenure, including leading the development and deployment of our new Strategic Plan,” she added.
“We will begin the process to identify a successor to Alan soon, and in the meantime, I know he will be fully invested in helping us to ensure a smooth transition.
“I can imagine that you will have lots of questions, around timings and alike.”
She said the board will be “working through matters” over the course of the next few weeks.
“I’ll then be able to speak to you all about our next steps. For now, if you have any questions, please do not hesitate to contact me,” she said.
Cover story: Inside the CII-PFS civil war
Before becoming CEO of the CII, Vallance spent seven years at RIBA (the Royal Institute of British Architects).
Here he put in place a transformation programme, which included a governance and constitution overhaul, staff restructure, property review, and investment in technology and international support.
The focus was to modernise the professional body and improve services and value for members.
The CII had been heavily criticised in the months leading up to his appointment.
There had been reports of a rift between it and the Personal Finance Society (PFS).
This came to a head in December last year, when the CII announced it would it appointed three new institute directors to the PFS board with immediate effect.
The CII had also been plagued by technical issues with exams, with many advisers hitting out at the “deteriorating standards”.
In its strategic plan for 2023-2027, published in April this year, the CII laid out plans to upgrade its systems.
“Work began in March 2023 with the delivery of our new customer and member relationship management solution (CRM), which will allow greater data-driven personalisation of our member experience,” it said.
It also said there is an opportunity to share information “more effectively” between its societies and local institutes, which it plans to deliver through a “digital community platform”.
Earlier this month, Vallance told Money Marketing that the CII’s confidence in the PFS had “been restored” following “positive” conversations between the parties.
He said: “The recent conversations we have been having at both boards have been very constructive. That’s something we’ve relayed to our members directly.”
The boards have seen “a lot of the issues recognised” and some “constructive proposals formed”, he added.
“The CII Group is much more reassured about the PFS going forward, which is really positive.”
However, some members and former members believe questions remain unanswered and issues still exist.
Lol….
So, finally, after ruining what was left of any trust, and that was not much to begin with, twixt the coal face and the dwindling industry of general insurance brokers and operatives requirng the CII badge of honour…sic… Vallance has now scuttled off to the relative safety and thicker parapets of the (even) greyer suits!
This is, perhaps, the best example of all of how a scattered and disparate industry – advice – fails to be able to stand up for itself… Have the funds in PFS been ring fenced for advisors, or is it committed to the lucheon budgets of the CII general fund?
The unanswered questions runs deeper than imagined… CII do not actually answer or respond to any enquiries… perhaps they take a leaf from the FCA… ‘We are a with profits type of organization, any ripples or disquiet are smoothed over time so as not to disturb our sleeping and inefficient masters’.
The above exemplified by FCA’s very thorough, errm.. 48 hour look at N West/Farage scandal which found the bank had not… errm… done anything… (Simon Jack, BBC on holiday suddenly and would not reveal his sources), yesterday we saw the quite disgraceful truth!
So, either the FCA were too quick/inefficient/useless/ulterior agenda – take your pick – or, the bank were economical with the truth.. sigh… I guess take your pick again… :-<
Hopefully a long term appointment this time.