An SII survey has shown a groundswell of opinion that it should be mandatory for financial services practitioners to belong to a professional body for the industry.
In response to a poll on the Institutes website, 89% of respondents said they favoured the move, with only 11% cent of people against such a measure.
Those taking part in the survey were asked to leave their comments. Among those in support of compulsory membership of a professional body were it would make people behave in a more responsible manner, it will bring self-regulation and weed out non professionals and this will ensure that practitioners are competent, standards are maintained and customers receive first rate advice and services that meet their needs.
Only 27% of people think Mifid has had a substantial impact in creating a single European market in securities, another SII online survey has revealed. 37% of respondents said it was too early to measure Mifids effect, 30% suggested that the directive had had little impact and 6% said it had done nothing to promote a united cross-border market.
The survey makes it clear that professionalism is needed and it is far more than just taking examinations but includes staying fully up to date with the latest knowledge as well as acting, at all times, with integrity, says Simon Culhane, chief executive, FSI, SII. This is precisely what belonging to a professional body means.”
L.D.