The Combined Industry Forum (CIF) is moving towards the creation of a unique identifier code for each member of the industries it represents, to be carried from role to role and company to company.
According to Simone Tilley, chair of the governance, data and reporting stream at the CIF, the forum is “currently working through the best models for how this would come to life.”
“The code will be given to every participant across the entire value chain, highlighting the importance of acting with honour and integrity throughout everyone’s career life cycles,” Tilley said.
“Whether you’re a banker or a broker, the same rules apply in terms of acting with integrity. It becomes the focal point.”
Implementing such a system will be “hugely complicated,” and will require the guidance of Treasury in addition to the efforts of the industry.
The CIF consists of representatives from bank and non-bank lenders, aggregators and brokers, and consumer groups. It was formed following the Sedgwick Review to drive better customer outcomes through improved and more structured governance.
“We all agree that having a strong unique portable identifier is central to the overall governance program – a reminder to everyone that their behaviors matter. That’s been a gap that we need to close,” said Tilley.
“Ultimately, what we’re trying to do is have a genuine customer-centric model, and that requires everyone to be equally accountable for the role that they play in execution.”
The accountability introduced by the code will help further shape the framework for the unification of the industry, a shift that will “drive symbiotic benefit across the value change.”
“I expect to see our journey with respect to the professionalisation of the industry being amplified and being driven across all facets of industry,” said Tilley.
“I think we all agree this is important and something that makes sense.”
