230 likes | 427 Views
Kevin Moore, Chartered MCSI Director. Securities and Investment Stakeholders Meeting – the development of professionalism in the region. 29 November 2012. cisi.org. Who are the CISI?. Over 40,000 examinations annually in 49 countries. Over 10,000 publications produced each year.
E N D
Kevin Moore, Chartered MCSI Director Securities and Investment Stakeholders Meeting – the development of professionalism in the region 29 November 2012 cisi.org
Who are the CISI? Over 40,000 examinations annually in 49 countries Over 10,000 publications produced each year A Chartered Professional Body, evolved from London Stock Exchange, with over 40,000 Members 101 Corporate Supporters, serving 92% of the world’s banks A registered charity – not-for-profit 5 International offices – Dubai, Mumbai, Singapore, Colombo, Dublin
The CISI: What we do 3 1) ATTAIN Competence Testing knowledge, awarding qualifications 2) MAINTAIN Competence Membership for Continuing Professional Development 3) Promote TRUST Promote high standards of Integrity & Ethics main activities “ To set standards of professional excellenceandintegrityfor the securities and investment industry, providing qualifications and promoting the highest level of competenceto our members, other individuals and firms “ CISI Mission Statement
We have broad expertise • Wealth Management • Investment Management • Investment Operations • Compliance • Risk • Information Technology • Corporate Finance • Islamic Finance
Current Qualifications Framework • 4 defined pathways :– • Wholesale • Wealth/Retail • Operations • Specialist • For professionals, by professionals
Key Competitive Factors Source: Z/Yen, City of London
2012 World Financial City Rankings All have individual license regimes linked to recognised MANDATORY qualifications
Professionalism is Critical Knowledge Skills Behaviour
OFFICIAL Regulator, Ministry or Central Bank Finance Professionals Employees or Students Need for official support to raise standards Qualifications Behaviour Integrity Trainers University or Commercial Training Provider
Raising the Skills Level- a broader approach • Pre-employment • Schools • Universities/colleges • Employment • Vocational training • Apprenticeships • On the job training • In house training • Professional Qualifications/Bodies
Supporting professionalism • Global experience, international recognition • Local /global combination • Collaboration with local stakeholders • Exams created by practitioners • Local testing – computer based testing • Choice of a range of specialist qualifications • Implementation
CISI Investment Management Exam in UK Technical Module in Investment 100 Questions 2 Hours Created and administered by the CISI FSA local Regulations Module 50 Questions 1 Hour Created and administered by the CISI Award Certificate in Investment Management Awarded by the CISI Used by firms to satisfy UK Regulator = +
CISI International Exam Model – learning from experience International Technical Module 100 Questions 2 Hours Created and administered by the CISI Local Regulations Module 50 Questions 1 Hour Created and administered by local Regulator Award Awarded by the CISI Used by firms to satisfy Regulators = +
CISI Global • Bahamas • Bahrain • Cyprus • Gibraltar • Greece • Guernsey • Hong Kong • Isle of Man • Jersey • Lebanon • Malaysia • Malta • Oman • Qatar • Singapore • Sri Lanka • Tunisia • UAE • UK • USA countries above have regulatory (or official) links with the CISI
Maintaining Competence “We acknowledge, as many have reminded us, that competence is not just about examinations. It is about skills, knowledge, expertise, ethical behaviour and the application and maintenance of all of these” UK FSA Professionalism Integrity Ethics
UK Retail Distribution Review • Impacts all UK financial advisors • All advisors have to: • All must satisfy a new, higher qualification requirement • Maintain competence through Continual Professional Development • Must adhere to Approved Persons Regime • Must comply with a recognised code of conduct
The Importance of Integrity Trust is critical Reputation of counterparty is paramount Trust leads to confidence and reputation Real cost to balance sheet of poor reputation Poor actions by some have a real cost to the individual and also the Industry
UK Regulator’s warning “We need strong management commitment to better culture and values”. Lord Turner, Chairman, UK FSA July 2012
Promoting integrity in the market – the CISI contribution • Real dilemmas • Integrity main Board Committee • Annual Integrity Lecture (“Debate”) • Interactive Seminar • Integrity Test • Professional Refresher • Code of Conduct - jointly with WCIB • Investing in Integrity (pilot)
Increasing Professionalism in Africa with the CISI • Develop the knowledge and skills base • Collaboration with established bodies • Complements other financial qualifications currently available • Easy availability of widely recognised examinations • Internet testing • Practical emphasis on integrity • Strong support for continuing learning • Part of a global financial community ‘My Word is My Bond’