“Sound ethics and integrity will be crucial to the sustainability of the financial industry and the careers of those entering it today”
That’s the verdict of Matthew Strachan ACSI of Thorntons Investment Management, who recently passed IntegrityMatters, the CISI’s online ethics workshop and test, which has now been completed by more than 20,000 candidates globally.
The test offers users six dilemmas, all of which are based on real life examples from the financial sector, but with widespread application in other sectors. Each dilemma evolves over a series of steps, with the choice of candidate response determining how the scenario develops.
World firstIn April 2013, the CISI became the first professional body in the world to require new capital market entrants to take and pass IntegrityMatters before sitting CISI exams. All CISI members are then required to take and pass an IntegrityMatters Professional Refresher elearning module every five years as part of their commitment to membership.
"I found the integrity test to be practical, relevant and a really good exercise in balancing daily business realities with ‘doing the right thing’."
This measure means that the CISI tests integrity in the wholesale, wealth management and retail financial advice sectors.
Matthew, pictured, said: “With many years of investment experience, I found the integrity test to be practical, relevant and a really good exercise in balancing daily business realities with ‘doing the right thing’.
“The principles are clear and well laid out and the worked examples very helpful. Emphasis on there not being one absolute correct answer is very refreshing.
“The CISI’s efforts and approach should be applauded and encouraged.”
A step in the right directionThe IntegrityMatters test has attracted support from Douglas Flint, HSBC Group Chairman, Martin Wheatley, CEO Financial Conduct Authority and Andrew Tyrie MP, Chair of the Parliamentary Commission on Banking Standards Committee, who called the test a “welcome step in the right direction”.
CISI Chief Executive Simon Culhane, Chartered FCSI said: “We are extremely pleased to have reached this significant milestone. Our elearning IntegrityMatters test is now adopted by many global financial firms keen to demonstrate they are taking action, and not just talking, about restoring trust in financial services.
“We were the first professional body in the world to require new capital market entrants to pass an integrity test as we felt it was important to introduce a tangible initiative, following much talk on the issue of restoring trust in financial services. We are very keen to try and ensure that our members across the financial services industry have every opportunity to demonstrate their commitment to integrity and ethics
“Whether an experienced practitioner like Matthew or those who are entering the industry, IntegrityMatters candidates will have demonstrated their commitment to integrity and ethics throughout their careers. Over time, slowly but surely, the finance industry will be populated with those who can only ever remember working in an honest, open, transparent and fair manner.”