Australasian financial services professional body Finsia is introducing an ethics test for Australian bankers and securities market professionals.
The test has been developed in partnership with the Chartered Institute for Securities and Investment (CISI).
This comes weeks after the Royal Commission final report which slammed the Australian wealth management sector for its lack of client care and urged it to reform.
Chris Whitehead, Finsia chief executive, said: “Finsia’s purpose is to raise standards of professionalism with the intention of rebuilding trust in the Australasian financial services sector.
“There is no better time to launch the IntegrityMatters programme with conduct and decision-making being placed under the microscope post-Royal Commission.”
IntegrityMatters is part of a range of CISI products, including the Integrity in the Workplace workshop, focusing on real-life ethical dilemmas practitioners may face at work and an awareness of how to respond by applying ethical judgement.
Finsia introduced this workshop to Australia during 2018 and a number of financial institutions have used it as part of their drive to reform culture and put the interests of customers first.
Whitehead added: “As the sector looks to rebuild trust with their customers and community post Royal Commission, it is important to ensure the individuals who work in the industry have access to professional educations programmes and qualifications focused on providing a knowledge on how to apply sound ethical advice and judgement which customers are expecting.
“Finsia will continue to build on its portfolio of professional qualifications and programs to support our objective of developing strong competency and high ethical standards in financial practitioners and promoting such standards in Australia.”