DSI expands its Integrity Programme with the TMoC Ethics Workshop Posted on October 16, 2025 at 9:00 am.Written by Roeland Jongejan The DSI Integrity Programme 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 programme 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 Programme is mandatory Every professional seeking DSI certification must successfully complete the Integrity Programme. Depending on the certification, you will follow one or both components: the Integrity e-learning module and/or a workshop. The programme 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 programme 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/
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. Together with CISI, DSI is hosting an interactive webinar in English that dives into 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 is based on our dialogue document ‘Between the Lines’ (‘Tussen de Regels’), which provides insights and practical examples on integrity in sustainable finance. Learn more about the document here. 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 Why attend? This webinar offers actionable insights and practical tools to safeguard integrity in your role as a financial professional. It’s also a unique opportunity to engage in dialogue with peers on the challenges of sustainable finance. About this event Date & Time: Thursday, 06 November 2025, 12:00 – 13:00 GMT Where: Watch online wherever you are Language: English Cost: Free for members and non-members Registration: Only via CISI – Register here Don’t miss this chance to deepen your knowledge and actively join the conversation on integrity in sustainable finance. Learn how to navigate challenges and safeguard integrity in your role. Secure your spot today.
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.
Three integrity pitfalls putting sustainable finance under pressure Posted on June 23, 2025 at 8:59 am.Written by Roeland Jongejan Sustainability is everywhere in the financial sector – but that doesn’t mean it’s easy to get it right. On the contrary: conversations with professionals reveal that practice often falls short of ambition. DSI and The Can Do Company spoke with experts from across the sector about the tension between sustainability goals and the realities of day-to-day work. From these conversations, three recurring integrity pitfalls emerged – striking in both their persistence and their familiarity. These have been captured in the dialogue document Between the Lines, designed to raise awareness among professionals and spark honest, constructive conversations. Three recurring areas of tension Managing expectations: Who is responsible for driving sustainability – companies, investors, governments? Sustainability may appear measurable and controllable, but system pressures and a false sense of certainty often lead to greenwishing rather than real impact. Communicating effectively How can we make the trade-offs and complexity of sustainability understandable? More data and more transparency don’t automatically create clarity or sound advice – especially when knowledge gaps stand in the way of meaningful dialogue. Safeguarding integrityHow can we prevent rules and regulations from unintentionally blocking real progress? Hopeful slogans and checklist-driven compliance can replace solid reasoning – putting both genuine impact and trust at risk. What now?Between the Lines is used as part of DSI’s permanent education programme and as a conversation starter within financial organisations. It is not a conclusion, but an open invitation to reflect and engage. Want to learn more or connect with the initiators?Download the document at www.dsi.nl/en/susfin or get in touch with DSI.
What is the sustainable investor really buying: a better world or peace of mind? Posted on June 19, 2025 at 9:30 pm.Written by Roeland Jongejan Sustainable finance is booming – but doing the right thing is often more complex than it seems. In this series, DSI invites professionals to share their perspectives on the tensions, dilemmas and unwritten rules within sustainable finance. Each month, we publish a guest column inspired by the converation starter Between the Lines. What patterns do you see? Where do integrity pitfalls arise? And what does it really take to achieve meaningful change in the financial sector? By Harald Walkate In recent years, sustainable investing has taken off. Good news, one would think – savers, investors and pension participants clearly want to contribute to a better world. At the same time, however, we need to ask what investors are actually achieving. Many assume that their money flows directly into companies doing good for people and planet – enabling those companies to do even more good. In sector jargon, this is known as additionality: the idea that your investment causes something to happen that otherwise wouldn’t. In other words, a direct causal link between your investment and positive impact. The reality is far more complicated. For at least three reasons: (1) Most sustainable funds invest in listed companies – meaning the money goes to the sellers of shares, not the companies themselves. (2) Many sustainability solutions are not (yet) commercially viable, so listed companies – with profit as their core driver – are often unable to deliver them. (3) Many sustainability challenges are systemic. The idea that we can achieve sustainability by simply adding up small improvements by companies and individuals is flawed. Systemic problems require systemic incentives to discourage harmful behaviour and promote better alternatives. And who creates those incentives? That’s right – governments. Does that make sustainable funds the next toxic product – promising the world while delivering little, and charging high fees along the way? Not necessarily. It depends entirely on what the consumer believes they’re buying. There are roughly three types of motivation: (a) Peace of mind – “I don’t want to invest in ‘bad’ companies – tobacco, weapons, fossil fuels. I know this won’t reduce smoking or end wars, and I accept that returns may be lower, but I don’t want to profit from these industries.”(b) Outperformance – “I believe companies that perform well on sustainability will deliver better financial returns.”(c) Additionality – “I invest because my money helps realise solutions that otherwise wouldn’t happen. I want my money to make a real-world difference.” Can these expectations be met? Based on current research, a very rough answer might be:(a) – very well(b) – no(c) – to a very limited extent But how much do we actually know about what motivates consumers? Surprisingly little. This is an under-researched area, and it’s not a topic that financial institutions tend to explore with clients. This is precisely why DSI’s Between the Lines initiative is so timely – and so well named. If we want to understand whether consumers get what they think they’re buying, we first need to understand what they believe they’re buying: is it (a), (b) or (c)? Financial institutions must learn to read between the lines. Simply hearing “I want to invest sustainably” is not enough – we must ask what the client believes this will achieve. There’s another reason why the title hits the mark. Financial institutions today operate in a world full of sustainability regulations – including the EU’s Sustainable Finance Disclosure Regulation (SFDR), which classifies funds according to sustainability characteristics. And yet these regulations say little to nothing about whether a fund aligns with motivations (a), (b) or (c). That makes it all the more important for financial institutions to engage in meaningful dialogue with clients – to clarify whether they’re seeking higher returns, peace of mind, or real-world change. DSI’s efforts to spark this conversation couldn’t be more relevant. If done well, our savings could indeed contribute to solving pressing societal challenges. But that will require an honest conversation – about investor motivations, the trade-offs involved in different investment strategies, and when money truly makes a difference. About the author Harald Walkate is a senior advisor on sustainable finance, impact investment and blended finance at Route17. He is affiliated with the Blended Finance Lab at the London School of Economics and a senior fellow at the University of Zurich’s Center for Sustainable Finance & Private Wealth. Harald brings a unique combination of strategic insight and deep expertise in impact investing, SDG finance and climate-related topics. He previously held senior roles in corporate strategy, business development and sustainability at major financial institutions and started his career as a lawyer. He is also an active jazz pianist and composer.
SoSecure accredited for the AML Register Posted on June 16, 2025 at 3:08 pm.Written by Roeland Jongejan The DSI Accreditation Committee has officially accredited the Anti-Money Laundering training offered by SoSecure for the DSI AML Register. This means the programme meets the quality standards DSI sets for professionals in the fields of Anti-Money Laundering (AML) and Customer Due Diligence (CDD). With this recognition, SoSecure joins other accredited providers such as ACAMS, VU Amsterdam and NCI. About the training The DSI AML Register recognises professionals with demonstrable expertise in AML through an independent, public register. Employers and clients can rely on the fact that registered professionals meet high standards of quality and integrity. For more information about the register, visit www.dsi.nl/aml. The training starts in October 2025 and is delivered by experienced professionals from the field. It offers participants a strong foundation and in-depth knowledge on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT). More information is available on the SoSecure website: www.sosecure.nl/anti-money-laundering. An overview of all accredited AML training providers can be found here. For questions or additional information, feel free to contact DSI or SoSecure.
DSI Appeal Committee Ruling Posted on May 12, 2025 at 9:40 pm.Written by Roeland Jongejan DSI appeal against Disciplinary Committee ruling on illegal investment services by certified professional upheld, but no sanction imposed. On 30 April 2025, the DSI Appeal Committee issued its ruling in a case involving a former employee of an investment firm, who served as a Senior Investment Manager. The appeal concerned a review of the Disciplinary Committee’s decision dated 27 August 2024. In that decision, the Committee upheld a complaint from DSI regarding an allegation of conflict of interest involving the certified professional. Article 7.1.8 of the Code of Conduct: DSI Core Principle 7 – Be clear about interests The other complaints brought by DSI were dismissed. The Disciplinary Committee chose not to impose any sanctions on the respondent. DSI raised three grounds of appeal against this ruling. First, DSI argued that the Disciplinary Committee should have ruled on whether the certified professional engaged in secondary activities in violation of DSI’s Code of Conduct. Secondly, DSI claimed the Committee made an incorrect decision on whether the certified professional provided investment services through his private company without holding an AFM licence. Finally, DSI contended that no sanction was wrongly imposed. The DSI Appeal Committee found the second ground of appeal to be valid and upheld the complaint regarding the provision of illegal investment services through the certified professional’s private company. Articles 7.1.5 and 7.1.6 of the Code of Conduct: DSI Core Principle 5 – Comply with Rules The remaining grounds of appeal were rejected. Like the Disciplinary Committee, the Appeal Committee decided not to impose any sanction on the certified professional.