Sir Alan Yarrow, Chartered FCSI(Hon), CISI Chairman; CISI Chief Executive Simon Culhane, Chartered FCSI; Chartered Banker Institute Chief Executive Simon Thompson, FCIBS
The joint CISI/Chartered Banker Institute Certificate of Professionalism will support the SMCR and inspire individuals and employers to go beyond regulatory requirements to enhance and sustain a culture of responsible, ethical professionalism in the industry.
Emphasising the three components of professionalism – knowledge, skills and behaviour, CISI Chief Executive Simon Culhane, Chartered FCSI
said that the two institutes are now providing a public route to demonstrate professionalism and for individuals to be recognised for it. This initiative demonstrates to the public that the banking and financial services profession is supported by professional bodies dedicated to raising and maintaining the highest standards of integrity and ethics.
will provide a third party verification service, allowing firms to demonstrate annually to the PRA/FCA that their staff have maintained their professional expertise and competence while upholding the highest standards of professional ethics.
"The certificate, combined with evidence from within the firm that employees are fit and proper for their role, will demonstrate to regulators, compliance and to counterparties that the organisation is adhering to the requirements of the SMCR regime"
Speaking at the launch, Sir Alan Yarrow, Chartered FCSI(Hon), CISI Chairman, said: “We in the industry need to recognise the spirit and principle of good regulation so that we can extend it through to those areas which the regulator cannot see. As of today, professionals now have a way to demonstrate formally their annual commitment to maintain their knowledge and skills and uphold the highest standards of behaviour. The Certificate of Professionalism issued by the CISI and the Chartered Banker Institute – established, recognised and well-regarded professional bodies within the industry – can now be used by financial services organisations as a third party verification. The certificate, combined with evidence from within the firm that employees are fit and proper for their role, will demonstrate to regulators, compliance and to counterparties that the organisation is adhering to the requirements of the new regime.”
Members of the respective bodies, totalling more than 70,000 individuals, will be able to apply for a Certificate of Professionalism, which will be awarded provided they meet the required standards. To gain a Certificate of Professionalism, individuals will have to meet requirements agreed by the CISI and the Chartered Banker Institute, regarding relevant professional knowledge and skills, continuing professional development (CPD), and commitment to the relevant institute’s code of professional conduct.
Simon Culhane said: “A firm and individual who adopts the new Certificate of Professionalism is demonstrating to the public and stakeholders the value they place on achieving the gold standard in skills, competence and behaviour. It shows that they are ahead of the curve in taking responsibility for maintaining and developing their own competency.”
Simon Thompson, FCIBS and CEO of the Chartered Banker Institute, said: “Ultimately, sustainable success of the UK financial services industry depends not on levels of financial capital but on the human capital on which banking ultimately rests. Our own codes of conduct go well beyond the regulators’ minimum requirements and the requirements of the SMCR.
“This joint initiative complements and supports the work of regulators and banks to enhance and sustain customer-focused, ethical professionalism in banking. Building on our many years of experience of assessing individuals’ professional and ethical competence, and working with our colleagues at CISI, we are able to help firms assess and certify individuals’ fitness and propriety using a standardized approach and methodology.
“Individuals meeting our requirements will be issued on an annual basis with a Certificate of Professionalism, certifying their competence and behaviour, which in the long term will help to restore public trust and confidence in the banking and financial services industry.”
“Ultimately, sustainable success of the UK financial services industry depends not on levels of financial capital but on the human capital on which banking ultimately rests"
The certificate shows that people have maintained their CPD, but Elizabeth Hornby MCSI, Deputy Chairman of the Compliance Forum, emphasised: “It’s supplemental; it doesn’t replace internal training requirements.” Simon Culhane added: “It is a tool you can use to help yourself."
The SMCR, introduced in March 2016, requires all banks, building societies and credit unions and some PRA-designated investment firms to annually assess and demonstrate that holders of senior management functions, and significant numbers of other employees impacted by the SMCR, meet the PRA/FCA’s ‘fitness and propriety’ rules.
Find out more about the certificate and how to qualify.