A new scheme, intended to reassure investors that those managing their unit trusts, pension funds and investments are adhering to the highest professional standards of integrity and competence, has been established by the London-based Securities & Investment Institute (SII).
The SII’s new Corporate Membership scheme is intended to support firms as regulation moves towards a principles-based approach, by providing a “Quality and Integrity” stamp (complete with logo) to eligible and participating firms. The newly launched scheme has secured BNP Paribas Securities Services as its first client committing to 260 new members.
“Providing SII Membership and CPD to our employees supports our business goals by offering our staff the opportunity to develop their skills and professional competence, thereby keeping our service standards at the forefront of our industry,” says Tony Solway, Head of BNP Paribas Securities Services in the UK. “SII membership provides our employees with excellent resources to help them develop their expertise in the field of securities investment and administration – as well as recognition of their achievements. We also believe it will help us recruit and retain the best, adding up to a ‘win-win-win’ for our people, our clients and our shareholders.”
Simon Culhane, Chief Executive of the Securities & Investment Institute, says the scheme was set up to help firms meet their need for a “robust CPD structure which links both professional standards and career progression for their staff. We are delighted that BNP Paribas Securities Services has joined as a Corporate Member and this reflects the importance the bank places on its staff’s professionalism and ongoing training and competency. Firms who sign up to these schemes will be demonstrating their commitment to ensuring their staff are amongst the most professional and best trained in the industry. In many ways consumers could view Corporate Membership as a type of `kitemark’ and when deciding where to place their future investments, could validly ask `Is the firm managing my money a member of the Securities & Investment Institute?'”
As a Corporate Member a firm will be expected to:
•
Endorse the SII Code of Conduct and support the Institute’s sevenPrinciples regarding integrity, honesty and professional standards.•
Embrace these standards by encouraging and supporting individualSII membership for their staff.•
Encourage career progression via SII examinations and ContinuingProfessional Development (CPD) benchmarks.•
Engage with SII working groups to help develop futureexaminationsemerging from changes put in place by the Financial Services SkillsCouncil(FSSC) or the Financial Services Authority.
These commitments entitle a firm to use the SII Corporate Membership logo which will be a public symbol of their commitment to quality, integrity and professionalism. Each firm will also receive specific CPD benefits which support the development and maintenance of professionalism and competence of their staff.
Firms of any size can apply to become a Corporate Member of the SII.