In furtherance of the CISI’s aim to increase ethical awareness, the Institute requires that candidates for the Capital Markets Programme in the UK, Ireland, Europe and North America must have passed
, an online integrity test, as a pre-requisite to sitting the exam.
The CISI introduced this initiative to ensure that new UK entrants to the capital markets sector, who will be working directly with firms and clients, realise the importance of integrity and ethics from the moment they enter the industry.
The Institute believes that the standard of integrity needs to be at least equal to that of the retail sector. This will also provide the public with some tangible evidence which demonstrates that banks and other financial organisations really are changing their culture.
What is the process?
At the time of registering for your exam, you will be notified that you need to complete IntegrityMatters and that you need to complete the integrity test prior to taking your Capital Markets Programme exam.
IntegrityMatters consists of both a workshop and test. It should take 30 - 50 minutes to complete and it can be accessed here
When should I enter for IntegrityMatters?
It would be sensible to enter for IntegrityMatters as soon as you know that you have to take a CISI Capital Markets Programme exam as you must have passed IntegrityMatters before you sit the level 3 exam.
Why is the CISI introducing this new requirement?
From 1 January 2013, as part of the FCA’s long running Retail Distribution Review, the regulator has increased the level of professionalism required for retail customer advisers. The minimum skills levels have increased (to Level 4) and there is a requirement to maintain competence by completing 35 hours of continuous learning. The FCA has also adivressed the behavioural component by, in effect, requiring individuals to join a professional body and actively subscribe to its code of conduct. Better behaviour is further reinforced by allocating 20% of the regulatory paper to ethics based questions.
However, this is in marked contrast to the wholesale sector, where examinations are not a regulatory requirement (although they are usually taken) and there is no ethical component in the lower level examinations, or a requirement to subscribe to any external code of conduct. Therefore, this initiative is being introduced to ensure that new entrants are made aware of the importance of trust and integrity from the moment they enter the financial service industry.
Can I take IntegrityMatters on the day of my exam?
No, you must have completed IntegrityMatters prior to taking your exam.
What happens if I have not been successful at IntegrityMatters before I sit my exam?
You will not be permitted to sit the exam until you have passed IntegrityMatters. The CISI record system will track whether or not you have successfully completed IntegrityMatters and will not allow you to access your exam.
What arrangements can be made for candidates with special examination requirements?
Sympathetic consideration is given to reasonable requests but, because the test is not time limited and can be taken anywhere, many candidates will not need specific arrangements to be made.
What happens if I have not taken the IntegrityMatters test before I sit my exam?
If you have not passed IntegrityMatters 24 hours before the scheduled time of the exam, your exam booking will be cancelled. A £50 rebooking fee will be applied to exams rebooked under these circumstances.
If a candidate has taken the first unit of the level 3 programme before April 2 2013 will they still be required to pass IntegrityMatters?
Provided that the candidate completed the QRF at the time of their exam indicating that they were taking the unit as part of a level 3 Capital Markets Programme which will require IntegrityMatters from 2 April, they will NOT be required to pass IntegrityMatters.
Can candidates sit their exam before sitting IntegrityMatters with their exam certificate being withheld until they pass IntegrityMatters?
No. Candidates may not sit their examination first. Candidates who have either not completed IntegrityMatters or have been unsuccessful will not be able to access their Certificate examination.
Does the CISI produce training manuals for this unit?
Because of the nature of this unit, no specific training manuals or workbooks are produced. However, the dilemmas in the test and examples are based on the dilemmas which appear in the CISI series of books Integrity at Work in Financial Services
1,2,3 & 4 and the “Grey Matters
” articles which appear in the monthly Securities & Investment Review. Copies of the publications are available online or hard copy books can be ordered for the price of £10 per copy. Reading the publications via MyCISI
will result in continuing professional development (CPD) hours being earned.