Securities and Investment Institute (SII) chief executive Simon Culhane is expected to argue in a speech to the FSA this evening that mandatory continuous professional development (CPD) should be imposed on the financial services industry.
Currently, there is no way to check if somebody with two decades’ experience is competent to work in the industry, which is why an “MOT” or equivalent should be demanded, Culhane is expected to say. A poll of the SII’s 16,000 members on the issue of competency suggests financial services is lagging other industries when it comes to the maintenance of professional standards. Just 44% of those who responded answered they did have a formal CPD scheme within their company, of which almost all (96%) said theirs was a compulsory scheme. When given a choice, only 60% participated in any ...
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