CompaniesMar 28 2012

CISI introduces mandatory ethics tests for members

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ByDonia O’Loughlin

The Chartered Institute for Securities and Investment is introducing new membership requirements that will eventually mean all chartered members and fellow chartered members will be required to get an A grade in the Institute’s online ethics test.

According to CISI, nearly 5,800 members have already taken the IntegrityMatters test, which is based around ethical dilemmas in the workplace. It is already a requirement for personal chartered status.

However, for existing MCSI and FCSI members who have not already passed IntegrityMatters at A grade a range of transition will apply.

As a first stage, as of 1 April 2012, members will be required to undertake and pass the integrity and ethics unit of the institute’s Professional Refresher e-learning tool by 31 March 2013.

CISI said that a professional refresher is provided free of charge to members and studying the module counts as CPD hours.

Subsequently, as of 1 April 2013, existing MCSIs and FCSIs will be required to take and pass with an A grade the IntegrityMatters test by the end of the 2013/14 subscription year.

There is a different requirement for new members entering at MCSI level, including those upgrading from associate chartered members, which will require them to pass IntegrityMatters at A grade before 31 March 2013.

This will mean that new members meet the same ethics test entry requirements as entrants from universities accredited as CISI centres of excellence, the Institute added.

Chris Harris-Deans, chartered FCSI, chairman of the CISI membership committee and senior director of Charles Stanley’s Exeter office, said: “The CISI requires all applicants for membership to declare that they will uphold the high standards of the Institute.

“The requirement that all MCSI and FCSI members must undertake ethics e-learning and testing provides tangible support for that declaration.”

Ruth Martin, MD at CISI, said: “Integrity has been embedded into our mission statement since our foundation in 1992 and for CISI and its membership this is an ever evolving process to ensure integrity and ethics remains at the forefront of our professional identity and profile.”