The Financial Conduct Authority (FCA ), the UK financial industry watchdog, has emphasized the importance of embedding environmental, social and governance (ESG) qualities as well as diversity into financial services organizations.
Nikhil Rathi, the Chief Executive Officer (CEO) of the FCA, stated this during the Chartered Institute for Securities & Investment’s (CISI) 30th-anniversary dinner, which was held recently in London.
According to a press statement shared on Monday by the Institute, 330 CISI members and dignitaries attended the in-person event throughout the UK, the Gulf, Sri Lanka, Africa and Asia.
Additionally, Rathi explained during the ceremony that the FCA’s focus is on diversity and inclusion across financial services.
Rathi explained: “Too often, financial services organizations and leaders hire in their own image. We are changing that at the FCA. And, we have warned this sector that firms that do not embrace diversity of thought will struggle to serve the needs of a diverse customer base and manage conduct risk effectively.”
CISI’ Success Story
Speaking on the factors behind the CISI’s success, Simon Culhane, the Institute’s CEO, pointed out that members of the professional body have been instrumental to its success.
Culhane, who will step down as the CISI’s CEO in September this year after serving for 18 years, listed some of the professional body's activities.
He explained, “Our people have been a major part of our success over the years. We have over 1,000 volunteer practitioners who play a critical role in providing crucial, relevant and topical knowledge transfer, tested in our exams and written in our workbooks.
“Others run regions, organize talks and provide the glue of fellowship, whilst others sit on our committees and forums. All are critical parts of our infrastructure, and all donate their time voluntarily.
“Our 200 staff, of whom half work outside the UK, are integral to our success. It is their professionalism, their energy, their nimbleness and their creativity, which have enabled the Institute to adapt, respond, grow and flourish. It’s been a privilege to have worked with both groups for almost two decades.”
CISI was formed in 1992 as the Securities Institute by members of the London Stock Exchange. The Institute then changed its name to the Securities and Investment Institute in November 2004.
It became the Chartered Institute for Securities and Investment after it was granted a Royal Charter in October 2009.
