Update to the CISI’s Code of Conduct and mandatory CPD


The CISI has updated its Code of Conduct and made some changes to its requirements for continuing professional development.

Republished with permission from the Chartered Institute for Securities and Investment (CISI).

The CISI defines ‘professionalism’ as the effective combination of knowledge, skills and behaviour. Just as the CISI assists its members to gain the knowledge they need to do their job, and keep their skills up to date through providing qualifications and continuing professional development (CPD), the Institute also ensures its members uphold the highest standards of integrity at all times by publishing a Code of Conduct, which sets out the behaviours that are expected of members and provides guidance to those who find themselves faced with an ethical dilemma.


the changes are designed to make it easier for members to use when they are faced with an ethical dilemma

The Code is regularly reviewed by the CISI’s Integrity and Ethics Committee, who recently recommended some updates:

  • First, the Introduction to the Code now prompts members to ask themselves four simple questions to determine the best course of action when faced with making a decision where the most suitable choice is not immediately obvious: Is the course of action you are considering honest, open, transparent, and fair (the HOTF guide)?
  • Second, two of the Principles have been revised. Following the merger of CISI and the Institute of Financial Planning (IFP) in 2015, we have reviewed the codes of the bodies resulting in changes:
    • to include explicit reference to putting the customer first
    • to include the value of ‘confidentiality’.

As a result, Principle 1 now highlights the importance of putting the clients and customer first, and Principle 4 includes confidentiality in the list of standards required when engaging in any form of market dealings.

  • Finally, the revised Code notes that duties are owed to specific stakeholders by members and indicates the stakeholder(s) most closely associated with each Principle.

As well as introducing two important new values to the Code, the changes are designed to make it easier for members to use when they are faced with an ethical dilemma. It is now clearer to identify the stakeholders to whom duties are owed, and the HOTF guide gives members four questions to consider when making a choice between different courses of action.

Read the new Code of Conduct and find out about the CISI Integrity and Ethics offering by visiting cisi.org/code

Mandatory CPD
The changes to the Code also form part of a wider project at the CISI about introducing mandatory CPD for all members. From 1 April 2017, all members (except student members), no matter what membership grade they have, job role they hold or jurisdiction they work in, are required to undertake an annual minimum level of CPD.

Our aim is to help all our members demonstrate to consumers and the industry that they are committed to the highest standards of professionalism and integrity.

The new requirements start from next April. Existing CISI members will need to have completed their learning by 31 March 2019. All new members from 1 April 2017 will need to meet the CPD requirements within their first year.

As part of the new CPD scheme, members will be required to dedicate 10% of their mandatory CPD hours to ethics, integrity, risk and regulation. The CISI already provides many resources for members to obtain CPD hours in these subjects, some of which are included below.

Find out more
Email principles@cisi.org if you would like further information about the Code of Conduct.
cisi.org/cpd for more information on the new mandatory CPD changes


About Author

The Chartered Institute for Securities & Investment is the leading professional body for securities, investment, wealth and financial planning professionals. Formed in 1992 by London Stock Exchange practitioners, we have a global community of circa 40,000 members in 116 countries and last year more than 40,000 CISI exams were sat in 80 countries, 15,000 taken outside the UK.

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