Over 20,000 candidates globally have now completed IntegrityMatters, the Chartered Institute for Securities & Investment’s online ethics workshop and test.
Thetest 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.
In April 2013 CISI became the first professional body in the world to require new capital market entrants to take and pass its IntegrityMattersonline test before sitting CISI exams. All CISI members are then required to take and pass an IntegrityMatters professional refresher every five years as part of their commitment to membership.
The CISI introduced the initiative, supported by a national advertising campaign, to ensure that new entrants to the capital markets sector, who will be working directly with firms and clients, realise the importance of integrity and ethics from the moment they enter the industry and they appreciate that integrity comes before profitability.
This measure also means that the CISI tests integrity in the wholesale, wealth management and retail financial advice industry.
Since its launch in 2013 the IntegrityMatterstest 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”.
IntegrityMatters is not an exam, but a multiple stage scenario-based test, which can be taken by individuals on their own computer, either at their desk in the office or at home, with the results being immediately available.
Matthew Strachan, ACSI of Thorntons Investment Management Ltd and a recent successful test candidate 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.
“Sound ethics and integrity will be crucial to the sustainability of the financial industry and the careers of those entering it today. Sadly the capacity of many to raise their view and see ourselves as others see us is still impaired. The CISI’s efforts and approach should be applauded and encouraged.”
Simon Culhane, Chartered FCSI and CISI CEO said: “We are extremely pleased to have reached this significant milestone. Our elearningIntegrityMatters 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.”