Ah, the Chartered Insurance Institute (CII) and the Personal Finance Society (PFS), those stalwart guardians of ethics and professionalism in the financial services world, have once again donned their robes of moral authority. This time, they’ve issued a stern warning: play nice online or risk having your professional credentials yanked faster than you can say “whistleblower.” But let’s take a moment to unpack this latest edict from our self-appointed overlords.
In a joint statement issued on August 14, 2024, the CII and PFS reminded their members that unprofessional behavior—particularly in the digital sphere—will not be tolerated. And what might this “unprofessional behavior” entail? Well, according to their vague proclamations, it seems to include anything that might upset the delicate sensibilities of their board representatives or employees. So, in other words, if you’ve got a bone to pick with the powers that be, you’d better pick it quietly—or better yet, not at all.
It’s understandable, of course, that organisations need to maintain a certain level of decorum. After all, nobody wants to see their profession dragged through the mud by a few bad apples spouting off online. But there’s a fine line between upholding standards and stifling dissent. And when that line starts to blur, we find ourselves in a rather Orwellian scenario where the mere act of calling out bad practices becomes a punishable offense.
The CII and PFS assure us that they “encourage members to provide honest opinions and feedback.” But let’s not kid ourselves. That encouragement comes with a caveat: your honesty must be palatable to those in charge. Step out of line, say something that ruffles a few feathers, and you might just find yourself on the receiving end of a disciplinary action. And by disciplinary action, we’re not talking about a slap on the wrist. We’re talking about the potential revocation of your membership and the loss of those all-important letters after your name.
Now, to be fair, if someone is engaging in online harassment—genuinely nasty, hateful behaviour—then yes, action should be taken. But there’s a world of difference between hate speech and voicing concerns about poor practices within the industry. Unfortunately, it seems the CII and PFS are less concerned with making that distinction and more interested in maintaining the status quo.
This latest move by the CII and PFS feels less like a protective measure and more like a gagging order. It’s a not-so-subtle reminder that, while you may have the right to free speech, that right comes with strings attached—strings controlled by those at the top. Criticise at your peril, whistleblow with caution, and whatever you do, don’t upset the apple cart.
So, where does this leave the well-intentioned member who sees something rotten in the state of the industry? Do they risk their career by speaking out, or do they bite their tongue and watch as the issues they’ve identified go unaddressed? It’s a lose-lose situation that serves only to protect those already in power.
In the end, the message is clear: conform, comply, and keep your criticisms to yourself. Because in the brave new world of the CII and PFS, the price of honesty might just be your professional livelihood. And isn’t that just the sort of dystopian twist we’ve come to expect?
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