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Issue 1 February 2014
Newsletter
Table of Contents
Issue 1 February 2014
CEO’s Message
President’s Greeting
Vice -President’s
Welcome
pg1
Greetings to our students, members and
friends. We launch our 2014 activities
at IBF with our inaugural newsletter,
CEO’s Welcome
pg1
Importance of
Professional Advisor
Qualifications to the
Banking & Securities
Industry
pg1
which we hope you’d use as a tool to
keep abreast of what is happening in
our banking and finance industry. IBF
is poised to offer significant insight as
we are solely focused on what is
happening in our local and international
banking industry. We have been leading in that respect by
providing solid education programmes in Banking and now
expanded to Securities and Mutual funds, which were certified
by our governing body- The Accreditation Council of Trinidad
and Tobago. IBF is now the only local institute to receive
accreditation from ACTT.
We are looking forward to sharing more of our achievements
with you as 2014 unfolds, particularly as the world around us
takes a different shape to respond to the many challenges and
opportunities. Apart from ensuring that you have the
knowledge to function in our banking world, we will continue
to ensure that we keep you abreast with our professional
enhancement workshops. Call our staff at the Institute and
learn more about what we are offering in 2014. Keep growing
and learning with us as we address your development in 2014.
Today we celebrate the launch of our
quarterly newsletter, which is intended
to provide a new medium for
information sharing to our members,
students, stakeholders and well-wishers
in a clear, concise and user friendly
format. In December 2012 royal
assent was given to the Securities Act,
Chap 83:02, for the express purpose of
providing protection to investors from
unfair, improper or fraudulent practices. The Act also fosters
fair and efficient securities markets as well as confidence in
the securities industry in Trinidad and Tobago. All of these
benefits in turn reduce systemic risk.
Over the last year, we at IBF have been working steadfastly to
play our part in the advocacy of the goals of this legislation;
we dream and aim ‘big’. We have pledged to renew our
mandate and aim to be considered the preferred provider in
the continuous development of banking and finance
professionals, through our offerings of education
programmes, corporate training services and short term
training courses.
This first newsletter deals with the important issue of
Education, a matter that we hold very close to our hearts. In
subsequent editions we will tackle some of the more topical
issues addressed in the Securities Act, inclusive of Insider
Trading and the disclosure obligations of Reporting Issuers.
We hope our readers appreciate the information provided in
this newsletter. We at IBF are certainly very excited!
“Excellence is not a skill. It is an attitude.”- N. Marston
Mrs. Joel-Ann Cook- Walcott, Vice President
Ms. Paula Baldwin, Chief Executive Officer
The Objectives of an
pg2
Educational Programme
for Investment Advisors
Educational Programmes pg2
offered by the Institute
of Banking & Finance
Our Authors
pg2
Calender of Events
pg3
Upcoming Workshops
pg3
Student Corner
pg3
Carnival Tips
pg4
Our Team
pg4
Importance of Professional Advisor Qualifications to the Banking and Securities Industry
Introduction
In Policy Research Working Paper 5007 of the World Bank entitled
“Measures of Investor and Consumer Confidence and Policy Actions” the
authors observed that “Restoring [investor] confidence is a crucial step in
repairing financial markets and lifting the global economy out of recession.”
Concerning this crucial issue, and with specific focus on the role of the
Financial Advisor in this regard, John D. Rogers, President and CEO of the
CFA Institute, in an Article published in the Huffington Post on August 20,
2013, wrote:
“. . . investors were very clear about what it takes to grow trust going
forward. Interestingly, what was not at the top of their list was strong
performance. Investors . . . indicated other factors: transparency, the
investment manager's ability to act responsibly when there is an issue or
crisis and committing to ethical business best practices that put investors
first. Other factors, such as consistent performance, quality products and
highly regarded firm leadership, all paled in comparison.”
In light of this, it is apparent that the true Financial Advisor (i.e. the kind that
instills investor confidence) is more than a mere (i) salesperson of financial
products or (ii) biased representative of a particular financial institution.
On the contrary, the Financial Advisor must operate as part of a ‘profession’;
he or she must serve as a financial services professional. As such, akin to
doctors in the practice of medicine, accountants in the practice of
accounting or lawyers in the practice of law, Financial Advisors must
demonstrate high standards of training, knowledge and ethics in the
discharge of his or her responsibilities as a market participant.
Mandate of the Securities Exchange Commission
The Securities Exchange Commission (SEC), as the Regulator of Trinidad and
Tobago (T&T) market participants, and pursuant to section 148 of the
Securities Act 2012, is empowered to prescribe “requirements relating to the
qualification of a registrant to act as an investment adviser to a collective
investment scheme” in furtherance of the overall goal of improving investor
confidence. For, and as has already been stated, qualified advisors and
professionals benefit the Investors, the Industry and the economy
in which they serve as a whole.
Page 2 Issue 1 February 2014
Our Authors
Barrie R. N. Attzs.
Attorney-at-Law, Tax Consultant
Corporate Commercial
Department
J.D. Sellier + Co.
Barrie Attzs, a graduate of the
Institute
of
Banking
and
Finance’s Cert. FA proramme in 2012, is an
Attorney-at-Law at J.D. Sellier + Co.
Barrie
represents his banking and financial service
clients in the areas of tax, corporate and
commercial law and litigation. Barrie began his
career at a large “Seven Sisters” international
business law firm in Canada, where he focused
on corporate and commercial litigation (inclusive
of securities litigation). More recently, Barrie has
held the position of Senior Tax Consultant at a big
four international professional services firm in T&T
and, thereafter, has held the position of Group
Tax Manager at one of the largest regional
conglomerates in the Caribbean. In these roles
Barrie has provided tax planning and compliance advice and representation to a number of
leading companies in various sectors including
financial
services,
manufacturing,
media,
automotive and construction.
Candice Huggins
General Counsel/
Corporate Secretary
Trinidad & Tobago Securities
and Exchange Commission
Ms. Candice Huggins assumed
duty in the contract position of
General Counsel on January 2,
2014 for a period of three (3) years. Ms. Huggins who
has been employed at the Commission since
February 2013, previously held the position of Director,
Legal
Advisory
and
Enforcement/Corporate
Secretary. Ms. Huggins is an Attorney-at-Law with
specialisation in international financial services,
compliance and risk management. She has been
called to the Bar of Trinidad and Tobago, the British
Virgin Islands and the Cayman Islands. Ms. Huggins
has advised extensively on aspects of regulatory and
international law, litigated in the area of white-collar
crime as well as developed and implemented risk
and compliance programmes. As General Counsel,
Ms. Huggins has overall responsibility for the
establishment of the Commission's policy on legal
matters and will serve as the Chief Legal Advisor to
the Board of Commissioners on all legal matters and
services performed within, and/or involving the
Commission.
In the Next Issue
“The Definition of ‘Material
Change’ in the Reporting
Issuer Disclosure
Requirements”- May 2014
The Objectives of an Educational Programme for
Investment Advisors
1. Standards
The principal role of Investment Advisor
Qualifications is to set standards of competence and
behaviour in order to improve client service. These
standards of behaviour are generally found in
various international codes of conduct, none of
which currently exist for investment advisors in T&T.
The SEC along with institutions of professional
training, such as the Institute of Banking and
Finance (IBF), must continue to work towards the
establishment and implementation of guiding
principles for the industry which, ideally, will
delineate minimum objective standards of good
practice against which a financial services
professional can be measured.
2. Benchmarking
The objective is to raise standards of conduct and
behaviour across the board, and move decisively
away from a world in which behaviour of all kinds
has been justified by the claim that it is “business
standard”. Requisite qualification requirements
underscore the creation of an understanding that
acting with integrity brings long-term benefits that
far outweigh any short-term costs.
The proposal is that IBF through the Qualifications
will develop a common set of benchmarks against
which individual Advisors/firms can assess their
performance against others in their peer group. The
idea would be to reinforce strengths and identify
weaknesses in a process of continuous
improvement.
3. Professional Benefits
Having qualified and certified advisors bring the T&T
market on par with the other more international
markets that exist in Europe and North America.
There are also specific advantages to the individual
Financial Advisor/Practitioner in acquiring a
Certification:
* Better Equipped – Given that the exams are
inspired by real-life work situations (the questions
are developed by senior practitioners).
* Career Advancement - Pathway to promotion- the
importance being placed on this qualification as the
new and emerging standard which reflects understanding of the job and the responsibilities it
involves.
* Globally Competitive/Marketability – Globally
recognised qualification and useful and recognised
as significant in the banking and securities industry.
* Marketability/Prospective Employment –
Certification can open more job opportunities and
create flexibility relating to investment banking
operations.
Educational Programmes offered by the Institute
of Banking and Finance
IBF being the Education arm of the Bankers’
Association is currently well placed to offer and
promote professional qualifications to finance
professionals.
Since inception IBF has been a champion for better
standards in the T&T market through the definition
and promulgation of good practice in standards of
behaviour and competence across the sector
through accredited training programmes that meet
these standards. The delivery of this training gives
financial sector professionals the ability to assess
their progress, make recommendations for further
areas of improvement and provide a basis for the
market to assess the progress to deliver better
services for clients. In accordance with IBF’s mission
to facilitate the continuous development of banking
and finance professionals in this regard, and to
promote the highest standards of knowledge, skills
and conduct to meet the high demands of a
changing financial industry, the Institute offers two
(2) self-study programmes:
* The Certificate for Financial Advisors (Cert. FA.)
* Diploma in Banking (DIB)
The Cert. FA is a recognized and accredited
programme by the Accreditation Council of Trinidad
and Tobago and is geared towards Front line Sales
Advisors in the industry, Sales Officers, Supervisors
and Directors.
The Cert. FA equips finance professionals with the
requisite of technical knowledge and skills necessary
within the financial services sector; and provides
them with skills needed for a career in the sales and
marketing of financial services and products.
This attractive programme includes defined learning
objectives and consists of three (3) specializations.
Banking, Mutual Funds and Securities. Each
specialization consists of three (3) levels with level
one being the foundation for all specializations.
Although the Cert. FA is designed to be a self-study
programme, in order to facilitate working
professionals, academic guidance/tutoring is
available.
A prerequisite of graduation, much like those
seeking to enter professions such as law, medicine or
accounting, is participation in an interactive,
group- based workshop led by leaders of education
that is designed to instill the highest standards of
ethical practice in the financial services industry.
The DIB is also a self-study programme and is geared
toward persons employed (or seeking to be
employed) in the Banking Profession. As with Cert.
FA, academic guidance/tutoring is available.
Students without “A” levels / CAPE who complete
the DIB are eligible for admission to the University of
the West Indies. The DIB improves your knowledge of
the banking and finance industries and provides you
with an industry-recognized qualification.
IBF is currently embarking on some enhancements
to the DIB programme which would make it more
attractive, user friendly and academically viable.
Both the Cert. FA and DIB qualifications contribute to
a measurable and continuous improvement in the
conduct and culture of the financial services sector
and the promotion of high standards in the industry.
Page 3 Issue 1 February 2014
Calendar of Events
All topics can be tailored as an in-house training workshop
Upcoming Workshops
Golden Years: Planning for a Successful Retirement – 2 Day Workshop
Financial Planning for Young Professionals – 1 Day Workshop
Customer Service Re-tooling – 1 Day Workshop
Marketing / Presentation Skills – 1 Day Workshop
Credit Analysis & Proposal Writing – 2 Day Workshop
Enterprise Risk Management- 2 Day Workshop
AML/Compliance Training – 1 Day Workshop
Fraud Awareness and Cyber Crime – 1 Day Workshop
Student Corner
EXAMINATION DATES 2014
CERTIFICATE FOR FINANCIAL ADVISORS
April Sitting: Saturday April 12th 2014
August Sitting: Saturday August 9th 2014
December Sitting: Saturday December 6th 2014
DIPLOMA IN BANKING PROGRAMME
May Sitting: May 5th – May 9th 2014
November Sitting: 3rd November – 7th November 2014
Coming soon... An Examinable Module in Ethics
Page 4 Issue 1 February 2014
Carnival Safety Tips
(Source, Trinidad and Tobago Police Service)
When attending parties and other activities you are reminded to:
• Travel in groups to and from activities.
• Limit carrying large amounts of money and conceal cash.
• Prearrange transport arrangements and designate an alcohol free driver.
Parents and guardians are reminded that:
• Children should all wear identification cards bearing their name,
name of parent/guardian, address and telephone number.
• Children should not be left unsupervised at home.
• Children should not be left in the charge of strangers.
When leaving your households you are reminded to:
• Ensure that you secure your premises.
• Secure all ladders and other implements in a locked room.
• Avoid leaving keys in mailboxes or under door mats.
• Have a friend or relative check the household to remove newspapers &
other deliveries.
• Be observant when returning home, especially at night.
When driving to fetes and other activities you are reminded to:
• Use paid car parks whenever possible.
• Lock doors when vehicle is in motion.
• Notify the police whenever you observe any strange activities around vehicles.
• Remove keys from the ignition, and ensure vehicle is well attended.
• Be cautious of persons loitering near traffic lights.
• Have your keys in hand when you approach your vehicle.
• Be vigilant at all times when returning home especially at night and if you are travelling alone.
Our Team
Chief Executive Officer – Ms. Paula Baldwin
Research and Business Development Officer – Ms. Camille Applewhaite
Quality Assurance / Curriculum Development Officer – Ms. Marsha John
Administrative Officer – Mrs. Cheryl Horsham
Assistant Quality Assurance/Clerical Officer– Ms. Dawn Drayton
Accounts Officer – Mr. Anton Simon
Institute of Banking and Finance of Trinidad and Tobago l 16 Gray Street, St.Clair, PO Box 1259, Port of Spain l
T: 868.622.0282, 628.2944 ext. 225 l F: 868.628.9718 l w: www.ibaf.org.tt l facebook.com/ibf.trinidad

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