FINSIA Australia introduces ethics test for bankers and securities market professionals

by Lora Benson | Mar 22, 2019

FINSIA, the leading Australasian financial services professional body today announces an agreement to introduce an ethics test for Australian Bankers and securities market professionals. The test has been developed in partnership the Chartered Institute for Securities & Investment (CISI).210319SCFinisiaAustralia

Chris Whitehead, FINSIA CEO says, “FINSIA’s purpose is to raise standards of professionalism with the intention of rebuilding trust in the Australasian financial services sector. There is no better time to launch the ‘IntegrityMatters’ program with conduct and decision-making being placed under the microscope post Royal Commission.

‘IntegrityMatters’ is part of a suite of CISI products, including the ‘Integrity in the Workplace’ workshop, focusing on real-life ethical dilemmas practitioners may face at work and an awareness of how to respond by applying ethical judgement. FINSIA introduced this workshop to Australia during 2018 and a number of major financial institutions have taken advantage of it already as part of their drive to reform culture and put the interests of customers first.

Simon Culhane, CISI CEO says, “The CISI Is delighted to work with this leading professional body in Australian Financial Services which already has a strong focus of professionalism, a core part of which is ethics and integrity.

“We share FINSIA’s view that ethics education, based on these real-life dilemmas, can play a part in helping individuals and organisations recognise and respond more effectively to the challenges which can arise in balancing stakeholder interests. Such programs contribute strongly to organisations culture change programmes, as they have done in the UK.

“The CISI believes that integrity is a key component of professionalism, defined as the effective combination of knowledge, skills and behaviour.”

Mr Culhane added, "Over 65,000 IntegrityMatters tests have been taken and passing the test is a requirement for all CISI members wishing to become personally accredited. In addition to this, we encouraged our members to retake ‘IntegrityMatters’ at least once every five years to retain ethical currency.

“The benefits of these programs are how easily they can enhance and be integrated into an organisations’ existing learning and development framework.”

Mr Whitehead noted, “As the sector looks to rebuild trust with their customers and community post Royal Commission, it is important to ensure the individuals who work in the industry have access to professional educations programs and qualifications focused on providing a knowledge on how to apply sound ethical advice and judgement which customers are expecting.”

“FINSIA will continue to build on its portfolio of professional qualifications and programs to support our objective of developing strong competency and high ethical standards in financial practitioners and promoting such standards in Australia.”