Learning objectives PE 2026 announced Posted on December 9, 2025 at 4:17 pm.Written by Roeland Jongejan The learning objectives for the Continuing Professional Education (PE) program 2026 have been finalized. This defines the themes that investment professionals in the financial sector can focus on over the coming year. DSI develops the learning objectives together with the Advisory Committees, where industry specialists contribute their knowledge and experience. In defining the themes, we considered not only changes in laws and regulations but also the broader context in which professionals operate. Key building blocks included the dialogue papers Between the Lines (integrity in sustainable finance) and CTRL SHFT (AI in the investment sector), which guide the practice-oriented learning objectives. The focus areas include: Digitalization and AI: from algorithms to ethical frameworks for data. Sustainability and regulation: impact of new rules and vigilance against greenwashing. Geopolitical developments: consequences for investment categories. Behavioral finance: recognizing behavioral biases in clients. Integrity and supervision: compliance with ESMA guidelines and strengthening professional competence. All accredited providers have recently received the learning objectives, allowing them to adjust their programs in time. The final learning objectives can be found via the link below. This ensures that the PE program remains a dynamic tool that evolves with current developments, without losing sight of the foundations of professionalism and integrity. You can find all information about PE 2026 on this page. View the learning objectives
Erasmus School of Law students visiting DSI Posted on December 9, 2025 at 3:26 pm.Written by Roeland Jongejan On Thursday, December 4, we welcomed a group of master’s students from the Erasmus School of Law at Beursplein 5 as part of the Capital Markets Law course. Prior to the visit, the students had already prepared a substantial advisory assignment on regulation, AI, and the investment sector. The afternoon began with a tour led by Cherelt Kroeze from Capital Amsterdam, during which the students explored the history of the stock exchange and the development of our markets. Afterwards, Floris Mreijen (Director DSI) and Marc van der Lecq (Lead Legal DSI) guided the students through the core of our work: integrity, professional competence, and DSI disciplinary law. Concrete cases illustrated how standards are applied in practice. AI, supervision, and the future of advisory A key part of the program was the discussion around our dialogue paper CTRL SHFT: AI in the Investment Sector. The students connected their own assignments to this document and engaged with us on the impact of AI on execution-only investors, robo-advice, and the changing role of the advisor. It was impressive to see how quickly they linked theory, policy, and practice. Connecting research and practice Finally, Sanne de Lint shared insights from her PhD research on supervision and forms of self-regulation, sparking a lively dialogue and offering perspectives on current developments. It was a successful afternoon where research, practice, and the future of the financial sector came together. It was great to see how engaged and curious the new generation is about these topics.
From influence to responsibility Posted on November 18, 2025 at 10:01 am.Written by Roeland Jongejan Social media have permanently changed the landscape of financial communication. While traditional advisers often struggle to reach younger audiences and starters, finfluencers – through their personal style and creative use of algorithms – do succeed. Their reach is large, and their influence undeniable. But this raises a key question: how can we ensure that their influence results in reliable, transparent, and ethical financial information? Roundtable outcomes On 23 September 2025, FFP and DSI hosted a roundtable bringing together finfluencers, financial experts, regulators, researchers, and communication professionals. Moderator Janneke van Heugten guided the discussion with provocative statements that sharpened the debate and encouraged reflection. Five main themes emerged. Reach and responsibility Finfluencers speak the language of young people and gain their trust with a direct, relatable style. However, their content often lacks the nuance required for sound advice. Some finfluencers inspire, others focus on product promotion, whereas a qualified financial adviser considers the broader picture to recommend suitable products. The central tension identified was how to combine finfluencers’ wide reach with the responsibility to protect young consumers from poor financial choices. The potential is significant, but without integration with professional knowledge, consumers remain vulnerable. Duty of care in the new landscape A finfluencer influencing the financial decisions of their followers also bears responsibility. Many participants argued that finfluencers should have a duty of care comparable to certified advisers. Yet in practice, content spreads rapidly online. Questions remain over whether the responsibility lies primarily with the finfluencer, the companies that hire them, or the major platforms enabling their reach. Transparency as a prerequisite Transparency was another recurring theme. Who actually benefits from a post, video, or course? For established financial institutions, rules are clear and strict, but for finfluencers, clarity is often lacking—even though rules do apply. Paid content, affiliate marketing, and paywalls make it difficult for consumers to see who is ultimately in control. Without transparency, the risk of misleading information increases, reinforcing the perception that licensed investment firms are bound by strict rules while finfluencers often appear to operate unchecked. Supervision and regulation Current rules were largely written before much financial communication moved online. Nevertheless, regulation remains largely technology-neutral: the same rules apply whether advice is given at the kitchen table or via TikTok or Instagram. While damage so far has been limited, risks are clearly rising. At the same time, overregulation must be avoided, as it could stifle the innovative and creative nature of finfluencers. Financial education as a foundation The discussion highlighted a fundamental gap: structured financial education. Currently, financial literacy is not embedded in school curricula, leaving children and young people largely dependent on their parents. In the presence of unqualified finfluencers online, there is a real risk that young people receive inaccurate financial information. Finfluencers therefore play a role that should rightly be filled by schools and parents. Broad support emerged for firmly integrating financial education into the curriculum. Finfluencers can inspire, but always as a supplement to a solid foundational knowledge. Conclusion and key message The roundtable demonstrated that finfluencers are undeniably part of today’s and tomorrow’s financial communication. Their reach presents opportunities but also demands responsibility. Collaboration between finfluencers, industry experts, and regulators is now essential to better protect and reach consumers, especially young people. Transparency and a level playing field are critical, as is the structural inclusion of financial education in schools. The takeaway from the session was clear: leverage the power of finfluencers, but ensure they take responsibility for delivering reliable, ethical, and future-proof financial information, in close collaboration with the sector. This translation was generated by AI for convenience; the original Dutch document remains authoritative and can be found here.
DSI expands its Integrity Program with the TMoC Ethics Workshop Posted on October 16, 2025 at 9:00 am.Written by Roeland Jongejan The DSI Integrity Program has been at the heart of every DSI certification for many years. Acting ethically and making decisions with integrity are essential for professionals in the financial sector. The program not only helps professionals demonstrate their competence but also shows that they act according to the highest ethical standards. Expansion with the Ethics Workshop by TMoC To offer participants even more choice, the DSI Accreditation Committee officially accredited the Ethics Workshop by The Ministry of Compliance (TMoC) in early October. Together with the existing Integrity & Critical Judgement Workshop by NCI, DSI-certified professionals now have two accredited workshops to choose from. Both workshops help professionals recognise and discuss ethical dilemmas in their daily work. Why the Integrity Program is mandatory Every professional seeking DSI certification must successfully complete the Integrity Program. Depending on the certification, you will follow one or both components: the Integrity e-learning module and/or a workshop. The program is designed to help professionals: Become more aware of ethical dilemmas Develop skills for critical and responsible decision-making Contribute to a trustworthy and ethical financial sector Acting in line with the DSI Core Principles The program is based on the 10 DSI Core Principles. By applying these principles in practice, professionals demonstrate their integrity and contribute to strengthening trust in the financial sector. More information Would you like to know which component is mandatory for your certification, or how to enrol? Visit: www.dsi.nl/en/integrity-program
Change the world, start with your pension fund Posted on October 9, 2025 at 9:27 am.Written by Roeland Jongejan By Marc Hutten What exactly does a sustainable investor buy? The previous column on this site by Harald Walkate prompted reflection on the motives driving sustainable investors. Ultimately, these can be traced back to a combination of three objectives: Peace of mind. Sustainable investors maintain a “moral baseline.” They avoid investing in tobacco companies or the fossil fuel industry, given the social and environmental damage these sectors cause. Better returns or lower risks. This goal, of course, is not exclusive to sustainable investors; every investor seeks to avoid risks—including ESG risks—and to capture returns from opportunities created by sustainability trends. A better world. Beyond financial return, sustainable investors explicitly pursue a form of societal return that can and should be clearly defined. On that last point, investors must think carefully about what kind of impact they wish to achieve—ecological, social, local, or global—and how to realise it. Most sustainable funds invest in public markets, buying shares of listed companies. This means the fund’s money goes to the sellers of those shares, not to the companies themselves. The capital, therefore, does not directly fund the enterprises striving to improve society or the planet—the very purpose many sustainable investors hope to serve. This concept is known as “additionality”: the notion that an investor’s capital enables activities that would not have occurred without it. Within this framework, we distinguish between investor contribution and investee contribution. Investor contribution refers to the investor’s added value—beyond capital—such as management support, expertise, networks, and strategic advice. The aim is to strengthen the enterprise and enhance its growth and impact. Engagement also falls under this heading: through dialogue, demands for improvement, and, if necessary, escalation, an investor can truly make a difference. Investee contribution refers to the enterprise’s own achievements: tangible results, growth, and impact. Here, the sustainable investor’s broader objectives—social impact, or the success of a particular project—are central. In other words, impact that delivers a net positive value to society. Public versus private markets The investor’s contribution varies between public and private markets. In public markets, the investor’s potential influence is generally more limited and indirect. In private markets, it tends to be greater and more direct: impact objectives can be written into financing terms or embedded in company operations. Influence increases with the size and strategic importance of the investment—through capital size, subordination, or duration—and also with the investor’s expertise and trusted relationship with the company. For investors who genuinely wish to make the world a better place by enabling sustainability solutions that otherwise would not happen, private markets typically offer a far greater potential for investor contribution. Here, capital flows directly into projects—building wind farms or providing microfinance—rather than to another shareholder on the secondary market. Access to private markets Private market investments are largely out of reach for most retail investors. Yet individual investors can still make a major contribution through their pension funds, for two key reasons: For most individuals, the majority of their total investable wealth sits in their pension pot. Pension funds can invest in private markets. Measuring the positive (and negative) societal impact of investments is complex but rapidly evolving. Increasingly rich data on the effects of both public and private companies are becoming available. These insights should be used to assess the true extent to which investment and pension funds contribute to a better world. Translating these impacts into accessible, comprehensible language is essential—allowing investors to make informed choices about where their capital can do the most good. And those investors are often also pension fund participants. They hold a powerful key: the ability to engage more actively with their own pension fund. I am convinced that, for private individuals, the greatest investor contribution and societal impact arise not from stock-picking, but from engaging with their pension fund to drive real-world change. About the author Marc Hutten is an Investment Solutions Specialist at Achmea Investment Management. He is responsible for innovation and product development with a focus on Impact Investing and ESG. From 2016–2021, he served on the board and risk committee of Stichting Pensioenfonds Achmea. Marc previously worked as a portfolio manager and has extensive experience in both quantitative and fundamental equity research and management. He holds an MSc in Business Economics from the University of Groningen and an MSc in Investment Management from VU Amsterdam. He is a CEFA charterholder (VBA). This translation was generated with the assistance of AI. The original Dutch version, which remains the authoritative source, is available at: https://www.dsi.nl/actueel/verbeter-de-wereld-begin-bij-je-pensioenfonds/
Between Rules and Reality: Integrity in Sustainable Finance Posted on October 2, 2025 at 10:16 am.Written by Roeland Jongejan Outcomes of the 2025 Fund Event Roundtable At the Fund Event on 29 September in ’t Spant, Bussum, DSI hosted a roundtable discussion led by Floris Mreijen, CEO of DSI. The dialogue document Between the Lines – Integrity in Sustainable Finance served as the basis for discussions with financial sector professionals, including asset managers, private bankers, and managers who engage with investors on a daily basis. The exchange showed that the observations from the report are clearly reflected in practice. While sustainable finance was the main topic of conversation between 2020 and 2022, professionals now notice that client discussions have shifted. Interest in responsible and sustainable investing has decreased for some clients, with more focus on achieving returns. There is also increasing discussion about investing in the defence sector and whether such investments fit within a sustainable portfolio. A key conclusion from Between the Lines is that regulation can sometimes create more uncertainty than it resolves—an observation that was confirmed during the roundtable. The conversation also covered upcoming regulations. Although these aim to strengthen integrity and transparency, professionals noted that more rules can lead to increased complexity and checkbox behaviour—the very risks highlighted in the dialogue document. The three challenges identified in Between the Lines – managing expectations, communicating effectively, and actively safeguarding integrity – remain highly relevant. DSI will continue to drive this conversation, keeping professional competence and integrity at the centre of discussions on sustainable finance. For more information about the dialogue document, see here.
Shaping professional competence together with the sector Posted on September 18, 2025 at 4:24 pm.Written by Roeland Jongejan Learning Objectives Continuing Professional Education (PE) 2026 The financial sector is changing at a rapid pace. From the rise of artificial intelligence in investment practice and new rules on sustainable finance to geopolitical developments: professionals must continuously update their knowledge and skills. That is why DSI, together with its Advisory Committees, defines the learning objectives for the Continuing Professional Education (PE) program for 2026. In meetings with sector specialists, themes are determined for each register. The focus is not only on changes in laws and regulations, but also on the broader context in which investment professionals operate. Dialogue papers such as Between the Lines (on integrity in sustainable finance) and CTRL SHFT (on AI in the investment sector) form important building blocks. They guide discussions on the dilemmas and opportunities that will shape the profession in the coming years. The Advisory Committees are made up of practitioners who are experts in their field. Their input ensures that the PE program addresses urgent issues: Digitalisation and AI: from the use of algorithms to the ethical frameworks for data usage. Sustainability and regulation: the impact of new legislation and the ongoing focus on greenwashing. Geopolitical developments: the implications of current events for asset classes. Behavioural finance: recognising common behavioural biases among clients. Integrity and supervision: complying with ESMA guidelines and strengthening professional competence in an increasingly complex environment. In October, DSI will share the draft learning objectives with training providers, enabling them to adapt their programmes in time. The final learning objectives will be published on the DSI website. In this way, the PE program remains a dynamic instrument that evolves with the times, while safeguarding the foundation of professionalism and integrity.
Webinar: integrity pitfalls in Sustainable Finance Posted on September 18, 2025 at 12:04 pm.Written by Roeland Jongejan Sustainable finance is growing rapidly, but doing the right thing is often more complex than it seems. Shifting norms, high expectations, and vague definitions create tensions that go straight to the heart of integrity issues. On Thursday, 6 November 2025, DSI and CISI hosted an interactive webinar in English that explored the three main pitfalls in sustainable finance: Managing expectations – Who is responsible for driving sustainability: companies, investors, or the government? Effective communication – How can we clarify the nuances and trade-offs in sustainable finance? Safeguarding integrity – How can we prevent rules and regulations from unintentionally blocking real change? Register here The webinar was based on our dialogue document ‘Between the Lines’ (‘Tussen de Regels’), providing insights and practical examples on integrity in sustainable finance. Speakers George Littlejohn, MCSI – Senior Adviser, CISI (moderator) Rebecca Kowalski – Compliance Manager & Sustainable Finance Consultant Floris Mreijen – Director, DSI Foundation Harald Walkate – Founding Partner Route17 & Senior Fellow, University of Zurich Watch the webinar on-demand The session provided actionable insights and practical tools to safeguard integrity in your role as a financial professional, while exploring the key challenges of sustainable finance. You can watch the full webinar here and dive deeper into the dialogue document Between the Lines (Tussen de Regels) for practical guidance on integrity in sustainable finance.
CTRL SHFT – Sooner than you think, AI is transforming the investment industry Posted on September 8, 2025 at 11:07 am.Written by Roeland Jongejan AI will continue to advance into investment advice and asset management. This raises pressing questions about trust, accountability and professional competence. With the conversation starter CTRL SHFT, DSI – together with professionals from the sector – maps out these issues. The document feeds into DSI’s Continuing Professional Education program and invites organisations to actively discuss AI and integrity within their own practice. Figures from the 2024 CBS AI Monitor show that 37.4% of companies in financial services already use AI technologies – a sharp increase compared to 2023. Large firms are leading the way, but smaller organisations also feel the impact on their processes and client advice. These numbers underline the urgency for the sector to engage in dialogue on integrity, professional competence, and the responsible use of AI (CBS, 2025). To explore this impact, DSI spoke with experts from across the financial sector. Their insights are summarised in the dialogue document CTRL SHFT, which describes three fundamental shifts: the playing field, the workplace, and client services. The document invites organisations to engage in conversation about AI and integrity and to reflect together on the consequences for professionals’ work. One of the interviewed experts noted: “It takes effort to explain what AI does and where people encounter it – sometimes without even realising.” This highlights that AI is not just a technological challenge, but equally a human and organisational one. Sooner than you think… three shifts reshaping the sector: AI is shifting the playing field – Sooner than you think, rules and technology become difficult to grasp. Do frameworks and transparency still offer guidance, or does AI risk becoming an uncontrollable force? AI is transforming the workplace – Sooner than you think, mastering traditional expertise is no longer enough. Working with AI – and questioning it critically – becomes essential. Who is truly keeping up? AI is reshaping client services – Sooner than you think, AI co-decides in every client advice. Efficient, yet raising questions of integrity and accountability. How do we keep humans in the loop? What’s next? CTRL SHFT is not an endpoint, but an invitation to dialogue. The document is used in DSI’s Continuing Professional Education program and helps organisations understand the impact of AI on integrity and professional standards. Want to know more or get in touch with the initiators? Download the report at www.dsi.nl/en/ai-in-the-investment-industry or contact DSI directly.
AFM and KWINK group evaluate competency agreement Posted on July 30, 2025 at 10:21 am.Written by Roeland Jongejan The Dutch Authority for the Financial Markets (AFM) has commissioned research agency KWINK group to carry out an effectiveness audit of the competency agreement between the AFM and DSI. This agreement, in place since 2018, helps investment sector professionals demonstrate compliance with European regulatory requirements for professional competence, such as MiFID II and the Dutch Financial Supervision Act (Wft). Employees of investment firms who provide clients with information or advice about investments must meet specific competence requirements. Through the agreement with DSI, these professionals can demonstrate their compliance if they are registered in one of the DSI registers. Registration is a supporting tool—it is not legally required, and firms may choose alternative ways to demonstrate the competence of their staff. KWINK group, a specialist in policy evaluation, is conducting the audit on behalf of the AFM. The audit will assess both the effectiveness of the agreement and the experiences of investment firms using it. Starting at the end of September, KWINK group will approach various organisations on behalf of the AFM to gather input.