Defined as the “hallmark of quality and excellence for whichever profession it represents”, a charter provides a benchmark for best practice, providing staff with a competitive edge. Nowhere is this more important than in financial services.

The dynamic nature of this sector means that there are periodic peaks and troughs in financial markets, often with little-to-no warning. With the financial services sector experiencing accelerated growth in the Middle East at present, investors are increasingly looking for trustworthy and knowledgeable advisers.

Financial services professionals around the world have a responsibility to ensure that they are equipped to handle any situation that may come their way with the utmost professionalism.

As a client, imagine going to your bank and being told that your investments are making a loss. The adviser tells you that it is due to economic headwinds and market conditions.

You immediately look to the person opposite you: can you trust them? Where did they get this information? Who put them in charge of your money?

Would they tell you the truth? Do they stand to gain anything by withholding information?

Trust is arguably one of the most important aspects of finance. It underpins the entire sector; trust that money will be there when you need it, trust that borrowers will repay their loan and trust that investments will grow over time. The events of the global financial market provide us with an important reminder of the need for financial organisations and their employees to consistently demonstrate transparency and fairness in their operations.

Attaining an individual charter requires a continuous demonstration of knowledge, skills and behaviour, which is also the definition of professionalism according to the Chartered Institute for Securities & Investment (CISI). Charters can only be achieved through a combination of qualifications and a consistent record of continuous professional development (CPD) and a commitment to integrity

With a keen understanding of global financial standards and requirements, the CISI develops globally recognised qualifications and CPD courses and workshops on integrity and ethics for practitioners, to promote professionalism and trust in financial services. These are aimed at best practice across the region, to ensure the market, and the people working in these markets are fully equipped for the economic landscape and its demands.

We are beginning to see steps taken to increase professionalism in the Middle East. From January 2016 to May 2017, there was a 42.78 per cent increase in CISI memberships in the UAE, proving that more financial professionals understand the importance of a professional body and are taking steps to improve standards in the financial sector.

The UAE Securities and Commodities Authority recently announced that it is now mandatory for all licensed brokers in the UAE to complete 30 hours of CPD per year. This goes a long way towards increasing trust in the UAE financial services profession.

As well as earning qualifications and implementing international best practice from a chartered organisation, financial professionals can also achieve their own chartered status, which showcases their dedication to the profession and is incredibly attractive to employers.

Across industries, a personal charter is recognised as a symbol of the pinnacle of professionalism. Holding a charter demonstrates dedication to the financial services profession and acts as proof of the highest level of credibility to clients, colleagues and regulators.

The progress made by the UAE so far should pave the way for other Middle East countries to recognise the importance of using a chartered body to professionalise the sector. If the entire region invested in the development and regular training of financial profession workers, it would work towards increasing the reputation of the region.

This will help further enhance the UAE as a trustworthy environment for future business and investments, while continuing to draw some of the best talent from around the world.

— The writer is regional director of CISI Middle East, India and Sri Lanka