Banking and finance professional bodies unite to launch Certificates of Professionalism to go above and beyond regulation

by Lora Benson | Sep 01, 2016

 

The Chartered Institute for Securities & Investment (CISI) and the Chartered Banker Institute have today jointly launched a new initiative, the Certificate of Professionalism, to support the PRA/FCA Senior Manager and Certification Regimes (SMCR)[1], and inspire individuals and employers to go beyond these to enhance and sustain a culture of responsible, ethical professionalism in the industry.

Members of the respective bodies, totalling more than 70,000 individuals, will be able to apply for Certificates of Professionalism and will be awarded a Certificate should they meet the required standards. 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.

The SMCR 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 Certification Regime, meet the PRA/FCA’s ‘Fitness and Propriety’ rules.

The new Certificates of Professionalism launched by the CISI and Chartered Banker Institute 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 whilst upholding the highest standards of professional ethics.

To gain a Certificate of Professionalism individuals will have to meet requirements agreed by 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. For more details, please see http://www.cisi.org/cisiweb2/cisi-website/misc-pages/professionalism and http://www.charteredbanker.com/cultureandconduct/certificates-of-professionalism.html}

Simon Culhane, Chartered FCSI and CISI Chief Executive 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: “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.”



[1] The FCA/PRA Senior Management and Certification Responsibility (SMCR) regimes were introduced in March 2016.