The professional body has made an agreement to enable cross border recognition of CISI financial services qualifications between Ireland and the UK. It has also arranged a tie up with the Kuwait Capital Markets Authority to provide qualifications.
UK based professionals transferring to Ireland, who hold the CISI’s Investment Advice Diploma, will now be exempt from three modules of the Qualified Financial Adviser - the benchmark professional designation for financial advisers in the Irish market. This is approved by the Central Bank of Ireland and provided by the Institute of Banking in Ireland, LIA and The Insurance Institute.
This will free the movement of firms and individuals and further facilitate the continued growth of the financial services industry in Ireland, the CISI said.
Frank O’Riordan MCSI, president of the CISI Ireland branch committee, said: “We are extremely pleased to be working with the Institute of Banking and delighted to have achieved this important milestone.
“We are very supportive of the concept of mutual recognition of capital markets qualifications to make it as seamless as possible for practitioners and firms to move between jurisdictions, while maintaining high standards of professionalism”
The CISI has had representation in Ireland since 2006.
Meanwhile, the other deal forms part of the CMA’s strategic plan to develop the securities sector in the State of Kuwait, diversify its investment instruments and promote the CMA to the rank of its counterparts in the global markets.
The agreement follows a memorandum of understanding between the CISI and the CMA which was signed earlier this year to determine the needs of the financial sector in Kuwait.
The agreement establishes an integrated programme to serve securities practitioners in the financial sector through the application of international qualification tests on specified positions for licensed persons.
Matthew Cowan, Chartered MCSI, CISI regional director Middle East and South East Asia, said: “The Capital Markets Authority signing an agreement with the CISI is a significant step to improve the capital markets in Kuwait and is a sign of the industry’s awareness of the importance of integrity and ethics in finance. With this move, we will help Kuwait align with its counterpart global financial centres."
Dr. Nayef F. Al-Hajraf, chairman of CMA board of commissioners and managing director, said: “The capital markets in the country and create an attractive investment environment. This move also showcases our commitment to setting a high benchmark of ethics and integrity in the financial sector and to provide the growing pool of financial practitioners the right set of tools and qualifications. We look forward to a long – term relationship with CISI with aligned goals of raising Kuwait’s profile as a financial hub in the region.”