Fortnightly financial 5 minutes #13 Sally Plant
Nigel Yeates, Communications and Stakeholder Business Partner, speaks to Sally Plant, Assistant Director and Head of Financial Planning & Education Development at the Chartered Institute for Securities & Investment (CISI), about financial education and raising confidence in the financial services profession.
Please tell us about the Chartered Institute for Securities & Investment (CISI) as an organisation and your role there.
The Chartered Institute for Securities & Investment is a charity and the professional body for those working in or looking to establish a career in the financial planning, wealth management and capital markets professions. Dedicated to professionalism since we emerged from the London Stock Exchange in 1992, our purpose is to champion lifelong learning and integrity, raising individual standards of knowledge, skills and behaviour globally to enhance public trust and confidence in financial services.
The CISI offers qualifications, membership and apprenticeships to those at the start of their career, such as school candidates or university graduates and also to professionals at the pinnacle of their career, awarding both the Chartered Wealth Manager and the Chartered Fellow Financial Planner designations, alongside the Certified Financial PlannerTM certification. My role is Head of Financial Planning and Education Development, with responsibility for those studying CISI qualifications and onboarding our employability programmes alongside their own academic or vocational studies.
You have a charitable objective around the dissemination of knowledge to the benefit of the public, how important is financial education?
A basic understanding of financial literacy is as important as physical health. A balanced approach to saving, budgeting and financial management reduces stress and is critical to wellbeing. It's important this learning starts at school age and continues to the point of reviewing inheritance and managing family money ahead of any major life changes, such as bereavement. It's a lifelong commitment. The CISI leads UK professional body activities throughout Financial Planning Week in October every year, to engage and highlight the importance of managing money and financial planning to consumers.
How does the CISI work to continue to improve standards amongst your members?
Continuing Professional Development (CPD) is mandatory for all members, irrespective of whether it is linked to a regulatory need, for example, a Statement of Professional Standing (SPS). It is also mandatory for all CISI members to undertake and successfully complete our IntegrityMatters online e-learning module as part of this CPD requirement.
Professionalism is key across the profession and is paramount in all roles, from junior to senior management, from operations and risk, to trading and investment. We strive to support our members to continue their learning and think about their actions.
Part of the role of FSCS is to raise public confidence in the financial services profession. Please tell us about some of the key work the CISI is doing in relation to trust and confidence.
Every member sits an online ethics test as part of their membership sign-up process. This puts ethics and integrity at the core of our membership. CISI members are required to meet the standards set out in our Code of Conduct.
We hold our Annual Integrity Event where well-known figures debate relevant and topical dilemmas consistent with the aim of the Institute to promote high standards of ethics and integrity.
We feature new ethical dilemmas in every edition of our member magazine The Review. The breadth of this ethics suite ensures that CISI members can continuously challenge their own ethics, prompt discussion and provoke thought into their actions: online, in person or remotely.
Now, on a more personal note, if £10,000 landed in your lap tomorrow, what would you do with it?
If I didn’t have one already, I would go to CISI’s Wayfinder directory and find a local Financial Planner (CFPTM). The CFPTM designation is recognised in the UK and globally as the gold standard for financial planning professionals.
Thanks very much Sally for all those insights and we hope you are able to continue to evolve financial literacy.
For more information on what FSCS protects, see our What we cover page.
The content of any discussions shouldn't be taken as an indication of future FSCS policy positions. The views expressed by guests are their own and don't reflect the views of FSCS.
We would also love everyone to dedicate a regular extra five minutes to check their financial products and services are FSCS protected.