Aspiring brokers and capital markets traders will have to pass an ethics test from today before they are allowed to sit exams for professional qualifications, in a bid to counter the damage done to the City’s reputation by the Libor scandal.
The move by the Chartered Institute for Securities & Investment, the finance industry’s main professional body, makes London the first big financial centre to require a separate, upfront ethics test, and dovetails with political calls to change the culture of investment banking.
“Over the past few years, there has been much talk about a number of initiatives which are aimed at restoring trust in financial services. This is one that has come to fruition,” said Simon Culhane, institute chief executive.
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