Post on 16-Feb-2017
Hayley Brown, International Manager May 2016
The attraction, retention and professional training of talent in Cyprus for employees and employers in the financial services sector.
AgendaOverview of the CISI
Regulatory and Employer Case Studies
CISI Qualifications
CISI Membership
Who are the CISI?
Evolved from the London Stock Exchange
43,854 members in 116 countries
41,366 exams taken in 80 countries
A Chartered Professional Body
A not for profit organisation
Board of Trustees with 150 staff
Where we are
Global Regulatory ConnectionsAccredited by the FCA in the UKFormal links in 36 countriesWe have links with 70% of top 10 and over 50% of top 20 financial centresTargeting a further 20% increase in 2015/16BahamasBahrain CyprusEgyptGermanyGibraltarGreeceGuernseyHong Kong
IndiaIrelandIsle of ManJapanJerseyKenyaKazakhstanLebanonMalaysia
South AfricaSri LankaSwedenTanzaniaTunisiaThailandUAE UKUSA
MaltaMauritiusMexicoNetherlands OmanPalestineQatar SeychellesSingapore
Negotiations underway with:- Panama - Kuwait
- Philippines - Uganda
- Jordan - Zambia - Nigeria - Portugal- Rwanda - Spain - Colombia - Russia- Peru
Global Firm Connections
CISI in Cyprus• 2009 National Advisory Council• 2011 Exams recognised• 2011 CIIM as ATP • 2011 Computer Based Test Centre• 2013 jointly awarded tender by CySEC• 2015 EIMF ATP• 2015 European University Cyprus
Main Activities
To set standards of professional excellence and integrity for securities, investment, wealth and financial planning professionals, providing
qualifications and promoting the highest level of competence to our members, individuals and firms
ATTAIN CompetenceTesting knowledge,
awarding qualifications
MAINTAIN Competence
Membership for continuing professional
development
Promote TRUSTPromote high standards
of integrity & ethics
Professionalism in Financial Services
Case study: Mashreq - GCCBank looking for significant upgrade to wealth management skillsQualified staff gives commercial differential in competitive marketOver 200 Mashreq Relationship Managers completed CISI Wealth Management CertificateMashreq model now emulated by all local banks, creating an industry of professionalIntegrity seminars for employees
Case study: SpainCaixaBank
Bank looking for significant upgrade to wealth management skillsGlobal search for appropriate programme – 2013/14Putting 7,000 managers and advisors through a joint University/CISI course Culminating in taking CISI International Certificate in Wealth Management in November 2014Membership and CPD to follow
UAE Securities & Commodities Authority
Y2010 Y2011 Y2012 Y2013 Y2014 Y20150
500
1000
1500
2000
2500
Mandated
Non mandated
2008 – Broker mandate introduced
2009 – UAE Regulatory exam launched
2010 – full exam licensing programme available in Arabic
2012 – Growth in wealth management qualifications
2015 – Regulator starts to define CPD requirement for the industry
European Regulators – ESMA - July 2015
Requirement for all countries to have authorisation regime for anyone providing financial advice
Differentiation between providers of advice v information
No distinction between wholesale and retail
Equal emphasis on continual and initial competence
Greater professionalism in financial markets
IOSCO
Three core principles:The protection of investors
Ensuring that Markets are fair, efficient and transparent
The reduction of system risk
IOSCO: Principle 29 Regulators should provide for minimum entry standards for market intermediaries
A comprehensive assessment of the individual
Demonstration of appropriate knowledge, business conduct…skills…ethical attitude
The entry standards must be consistently applied
2016 World Financial City Rankings
GFCI 19 Rank City GFCI 19 Rating GFCI 18 Rank GFCI 18 Rating
1 London 800 1 796
2 New York 792 2 788
3 Singapore 755 4 750
4 Hong Kong 753 3 755
5 Tokyo 728 5 725
6 Zurich 714 7 715
7 Washington DC 712 10 711
8 San Francisco 711 9 712
9 Boston 709 12 709
10 Toronto 707 8 714
Source: GCFI 19 Z/Yen March 2016
Five Areas of Competitiveness
Five Areas of Competitiveness
We have broad expertise
Wealth ManagementCompliance
Investment Operations
Investment Management
Risk
Information Technology Corporate Finance
Islamic Finance
Capital Markets
Qualifications Framework
• CySEC Basic & Advanced Legal Framework Exam• Introduction to Securities & Investment• Investment Operations Certificate• Risk in Financial Services• Global Financial Compliance• International Certificate in Wealth and Investment
Management• Capital Markets Programme
Suggested Qualifications
CISI Professional Qualifications
Exam syllabuses produced and reviewed annually by panels of industry practitioners Questions are practitioner moderated to ensure they are up-to-date and relevantBenchmark qualifications across the financial services spectrum - operations, retail, wholesale, front, back and middle office. All exams Ofqual (UK exam regulator) approved
Created by professionals, for professionals
• Comprehensive workbooks – covering exam requirements
• Online revision package
• Test questions – practice exams
• International and locally accredited trainers
• Access to online seminars and presentations as part of benefits available to all CISI members
• Estimated 80-100 study hours over 3-4 months
Study Resources
Majority of exams delivered by computer-based testingExams delivered internationally through worldwide network of test centres in major cities globally Flexible scheduling - available to take when the candidate is ready All exam questions statistically tested for validity & reliabilityExtensive security procedures used to maintain integrity
CISI Exams Delivery
Students taking exams in the CISI London test centre
Professionalism Integrity Excellence
Professional Membership
CPD with the CISICISI membership benefits are accessible to exam candidates
A range of online learning available including seminars, tests and an individual training record that automatically updates the CPD hours you earn. Use the CISI app to download our members’ magazine directly to your phone or tablet.
• CISI leaders in Ethical & Cultural change• Ethics and Integrity at heart of Membership• CISI has a Code of Conduct• Also known as the Lord George principles• Public may complain to Institute/Professional
Body about a member’s behaviour• Accredited bodies must have disciplinary
mechanism• CISI required to inform FCA of any disciplinary
action against members
Ethics
Questions