Tuesday, 12 March 2019 08:00

CISI backs new FCA rules on professional bodies

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Two leading financial services professional bodies have backed new FCA rules, which stipulate that individual members must to include their Professional body membership in its new Directory.

The requirement, outlined in policy statement 19/7, was revealed last week.

The CISI says it had “long argued that the decision two years ago to abolish the original FCA register was a backward step and detrimental to the consumer.”
 
The body said that view was “strongly shared by the profession” and, as a result, the CISI joined with another accredited body, the Chartered Banker Institute to create an alternative Directory, while as the same time urging the FCA to modernise their register rather than abolish it. 

 

An early request from the profession for any future directory was to record a member’s professional body affiliation and level of membership.

Both institutes were said to be “delighted” that the FCA had listened to their feedback and included (field 16) a requirement for relevant individuals to list their professional affiliation. 
 
The CISI’s CEO, Simon Culhane, Chartered FCSI said: “Membership of a Professional Body, especially a Chartered body, is a public demonstration that the individual has an active commitment to maintaining their knowledge, regularly updates their skills and acts with integrity. 

“Therefore, I am delighted that the UK regulator shares the view that consumers will be helped by knowing if their advisor is a member of a professional body.” 
 
But the CISI was left disappointed that the FCA will not require an individual to specify their level of membership.
 
Mr Culhane, added: “Consumers will be further assisted if they know the level of membership an individual holds.

“We all recognised that a Chartered Fellow is likely to be more experienced and knowledgeable than a newly qualified junior member; with our Alliance partners we are already showing that we can work together to agree common terminology and so I hope that in the next iteration, the FCA will enhance this encouraging beginning.”
 
Simon Thompson, chief executive of the Chartered Banker Institute, said: “Whilst we are delighted to see the importance of professional body membership reflected in the new directory, it has not diminished our resolve to see those individuals that have achieved higher levels of professional qualification recognised in the Directory, as being essential to consumers and public confidence.

“Being a member of a Chartered professional body is an achievement signifying ongoing personal commitment to high levels of knowledge, skills and behaviour that go beyond the minimum standards required by regulators. We look forward to continuing to work with regulators and others to ensure Chartered professionalism in financial services is enhanced and sustained.”

 

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