Ethical standards key for financial industry, says CII

Ramesh Sharma

June 1, 2004

This week’s CII roadshow, hosted by president Peter Hales, focused on the need to further improve professionalism within financial services and the part each member had in promoting a positive image to the public, the government and the FSA.

Derek Thornton, chairman at the London market faculty of the CII, said the onus was on members to be ‘a beacon’ of ethical behaviour. He said: “Our members are ambassadors. Some may call it a burden but really it’s the reward of true professionalism.”

Thornton added there was no room for unethical behaviour and although members are committed to ethical service, there was no ‘magic bullet’. “It will require steady and sustained work. It needs strong vision and leadership, not from an individual on a soapbox but in terms of quiet, determined professionalism from the core.

“We need to challenge and change perceptions, pursue competence in all we do and underpin this with unswerving commitment to competence.”

CII group marketing and sales director Lee Gladwell stressed the importance of education in staying ahead in a competitive industry. He said: “The CPD scheme is open to all CII members and is constantly evolving to meet the needs of an ever-changing market.”

Dr Alexander Scott, director-general of the CII, agreed and explained globalisation meant this is now more important than ever. He said: “Higher level jobs are now going overseas and the challenge is to keep clear water between us and raise skills even higher. The key message is that the Treasury and government need to support the most successful industry at the moment – the financial services industry.”

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