Cisi urges FSA to make joining professional body mandatory
The FSA should consider making membership to a professional body mandatory for people working in financial services, according to more than three-quarters of the Chartered Institute for Securities and Investment's members.
In a recent survey, Cisi also found that nearly 90 per cent of the 500 respondents said they were in favour of raising the level of qualifications as proposed by the FSA's Retail Distribution Review.
The RDR has recommended a minimum level of mandatory qualification for those involved in selling financial services products to members of the public as part of its drive to restore confidence in the market by raising standards across the retail sector and introducing continuing professional development (CPD).
Cisi said the "vision" of the RDR complemented the key requirements of 'chartered' status such as high-level examinations, rigorous CPD and a commitment to ethics and integrity, underpinned by a strong disciplinary framework.
The survey found 90 per cent of all respondents had access to a CPD scheme either through their employer or a professional body.
It found 88 per cent said the RDR did propose realistic solutions to raise standards of professionalism.
Simon Culhane, chief executive of Cisi, said: "The results of our RDR roadshows clearly demonstrate our members' commitment to high standards in their firms.
"This chimes well with the granting of our Royal Charter, which is all about recognition of the contribution the institute makes to greater professionalism in the industry."