The Sri Lanka Insurance Institute (SLII), TCF Consulting (UK) and Global Business Counselling (GBC) collaborated to introduce the concept of Treating Customers Fairly otherwise known as “TCF” and also more recently referred to as “conduct risk” to the insurance industry of Sri Lanka.
The ongoing industry-wide program was kicked-off with insurance industry giant Ceylinco Life Insurance successfully completing the TCF awareness training program for the senior management of the company conducted at the company headquarters at Havelock Road, Colombo. This pioneering training program introduced to Sri Lanka is in keeping with global industry practices which has seen an increase in regulations directed at the financial services sector.
TCF Consulting and GBC collaborated with the SLII to design a bespoke ‘Treating Customers Fairly (TCF) Awareness Program’ to be delivered to senior management of top tier organisations of the financial services sector in Sri Lanka. The main aim of the training program is for senior employees to have an appraisal of the concept of conduct risk, to have developed a comprehensive understanding of the principles of fair treatment, and to produce a plan to transfer the learning into their organisation.
The value of this program is multi-fold as it will:
- Enhance the national and international profile and reputation of the company;
- Position the company as a centre of excellence with regards to fair treatment of customers;
- Enhance the credentials and career prospects of company employees;
- Attract high quality employees to the company; and
- Support the sustainable growth of the insurance industry in Sri Lanka.
The training program provides a foundation to enable TCF practices to become embedded into all parts of the firm resulting in the organisation being recognised as having fair treatment of customers as central to their corporate culture.
SLII CEO Udeni Kiridena stated: “The Sri Lanka Insurance Institute was pleased to be associated with both TCF Consulting UK and Global Business Counselling in facilitating the ongoing TCF/Conduct Risk awareness being provided to insurance companies in Sri Lanka, especially in light of the recent focus of regulators globally and locally on the aspects of fairness in the conduct of insurance professionals when dealing with customers who have very low financial literacy. He added that SLII was fully supportive of expanding the coverage and embedding the principles of the TCF program throughout the insurance industry in Sri Lanka.”
TCF Consulting (UK) Director Stephen Rosling opined: “I wish to thank Renganathan, Ranasinghe and the rest of the top team at Ceylinco Life Insurance for placing their trust in us to deliver this program to their senior management. It is significant that the largest life insurance company in Sri Lanka should spearhead this initiative. It clearly delineates and punctuates the urgency in embracing this concept into the culture of an organisation as early as possible. It was a pleasure to share my insights and interact with professionals in an industry that I have been associated with for the past 30 years. It was especially rewarding to see the enthusiasm amongst the delegates and the priority given by the senior-most in management. I was humbled by the warmth and hospitality of my colleagues operating in Sri Lanka, and I look forward to contributing to the accelerated success of insurance companies through comprehensive conduct risk management strategies.”
Global Business Counselling (Sri Lanka and Singapore) Founder and CEO Chandri Gunawardhana added: “GBC is honoured to be a partner in this pioneering effort jointly conducted with SLII and TCF Consulting UK in line with GBC’s credo of ‘Total Solutions Provider’. GBC endeavours to propagate the principles of TCF and conduct risk not only to the financial services sector but subsequently to other sectors as well under the pillar of ‘Reputation Management’. The decision taken by Ceylinco Life Insurance to conduct the TCF awareness program is a testament to why they are the market leader in Life Insurance in Sri Lanka. And thanks to Udeni’s support coupled with Stephen’s excellent content and delivery, this program will undoubtedly be in great demand.”
Rosling is the founder and Principal Consultant of TCF Consulting. Rosling has worked in the UK financial services sector for over 30 years, holding senior customer management positions in Aviva, Friends Life, and Friends Provident International; Rosling also has international experience having worked in both India and Malaysia. Rosling is a qualified senior financial services customer professional with a deep understanding of the strategic, cultural, and practical application of the conduct risk TCF principles; skilled at-risk management, compliance, audit, and the cultural implementation of TCF, and other international consumer protection regulations.
Gunawardhana is the founder CEO and Principal Consultant of Global Business Counselling, Singapore and Sri Lanka, a Total Solutions Provider of expert consultancy services to top tier insurance firms. Gunawardhana is the former Director General of the Insurance Board of Sri Lanka (IBSL). He has over 25 years of experience and expertise as a consultant, administrator, regulator, lawyer, and member of the regional leadership team of an Anglo-American Fortune 500 MNC, based in Hong Kong, Singapore, Malaysia and Sri Lanka, covering the Asia Pacific Region.
The Sri Lanka Insurance Institute (SLII), which was established in 1982, is the premier insurance education body for insurance professionals in Sri Lanka. It has forged affiliations with recognised international bodies, including The Chartered Insurance Institute of London and the Insurance Institute of India to offer a broad range of recognised qualifications at Certificate, Diploma and Advanced Diploma levels. The SLII is a non-profit making organisation whose main objective is to develop the skills and knowledge of persons who are in the insurance business.
Udeni Kiridena is CEO of the SLII, a Chartered Insurer and an Associate Member of the Chartered Institute UK. Kiridena is also a Senior Associate of the Australian and New Zealand Institute of Insurance & Finance and an Associate member of the Indian Insurance Institute.