Australian financial services professional body FINSIA will be introducing a new ethics test for bankers and securities market professionals, it has announced.
It has partnered with the Chartered Institute for Securities and Investment to develop the test, which comes in the wake of a Royal Commission that has shed light on poor practice across advice, investment and banking in the country.
The new programme, called Integrity Matters, will focus on real-life ethical dillmmas in the workplace and how to respond based on applying ethical judgments.
It will include an Integrity in the Workplace workshop, and form part of a suite of CISI products.
CISI chief executive Simon Culhane says: “The CISI is delighted to work with this leading professional body in Australian financial services which already has a strong focus of professionalism, a core part of which is ethics and integrity.
“We share FINSIA’s view that ethics education, based on these real-life dilemmas, can play a part in helping individuals and organisations recognise and respond more effectively to the challenges which can arise in balancing stakeholder interests. Such programs contribute strongly to organisations’ culture change programmes, as they have done in the UK.”
Culhane says passing the test will be a requirement to become personally accredited.
He also said members should consider retaking it at least five years to retain “ethical currency”.