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The Standard

The Standard is a bi-monthly publication to snapshot financial services regulatory issues and the opportunity to contribute to policy development and submissions.

The First Word

by Chris Whitehead | 11 Aug 2017

I am delighted to welcome members to this new FINSIA service which is published alongside InFinance, our regular newsletter and JASSA, our applied research journal. As a professional institute, we care deeply about research and policy matters and ‘The Standard’ aims to keep you both informed on these topics and to provide you with the opportunity to have input. Chris-Whitehead - CEO, FINSIA

Our industry has always been dynamic, driven by the usual “PEST” influences – political, economic, social and technological. In recent times, we have certainly seen a massive escalation in political and social influences and it seems this is highly unlikely to abate.  We are of course not alone, with other industries also dramatically affected. What makes it particularly challenging for financial services is that trust is at the core of what we do, and maintenance of trust is an existential requirement. It is no wonder in the instant digital age that management of trust has risen to the top of our agendas.

Technology is of course behind much of this change and digital transformation is destroying some industries, creating new ones and impacting heavily on the rest. The impact on roles in our industry is profound. It is against this backdrop that FINSIA too needs to constantly change to remain relevant and impactful. Across financial services we saw a decline in traditional professional institutes. However, we now have an enhanced role to play: to help members surf the waves of change, not to be dumped by them; to network and work globally and to help manage reputations when corporate trust is vulnerable to the conduct and competence of the individual.

As an industry and individuals we are much more globally connected and hence impacted than we were in the past. This has driven FINSIA to form international partnerships and this in turn has allowed us to have a better dialogue with regulators and other stakeholders. FINSIA also seeks to engage strongly with the academic sector to ensure that our responses are based on evidence as well as the informed opinion of our members.

In The Standard we will highlight the practical impacts of research and how this may impact on conduct and regulation. A good example is that this month we are featuring recent work by Professor Elizabeth Sheedy on the impact of profit based incentives on risk behaviours. We will also look at change on a global scale and in this regard we feature a profile of Simon Culhane. Simon leads the Chartered Institute of Securities & Investments, a new and important partnership for FINSIA operating in over 45 countries.

In future editions we will feature more opportunities to contribute to policy development and submissions through polls, questionnaires and working groups. We look forward to your feedback and engagement with other members through this publication. 


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