Members of the Compliance Institute (CI) have voted in favour of a merger with the Chartered Institute for Securities & Investment (CISI)
The CI, which has a membership of around 500 compliance professionals, voted by 88% to 12% to wind down the Compliance Institute and transfer membership to the CISI.
The CI was formed in 1997 and its membership is composed of in-house compliance lawyers and officers. It has been affected by the recent difficult economic conditions and consequently has lacked the resources to develop its services to members, particularly qualifications.
As well as providing exams for those working in the wealth management and capital markets industry, the CISI offers a number of operations exams and compliance related services. Its monthly magazine, the Securities & Investment Review, covers regulation comprehensively and there are established CISI exams on regulation. In addition, the CISI Compliance Professional Interest Forum is thriving with over 450 members, and meets in London six times a year and in Scotland four times a year.
Simon Culhane, Chartered FCSI, CISI CEO said: “We are pleased that the majority of CI members have voted to join the CISI and we look forward to welcoming them. Compliance has always been an important area for our membership and we have plans to expand further into this sector later in the year.”
John Bourbon, Chief Executive of the Compliance Institute said: “The CISI and the CI are a natural fit, with the CISI focusing on back and front office and compliance spanning both these areas. In addition, the CISI’s presence is global and increasingly the compliance focus is driven by international regulatory standards.
“The size and resources of the CISI will support the development of the depth of professional qualification that compliance specialists now need and CI members will bring fresh perspectives to regulation to the CISI and help it make industry representations.”
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