WHAT ARE THE MAINTENANCE REQUIREMENTS?
To represent yourself an as active FCSI® in good standing - and to uphold the prestige of your letters - you must renew your Fellowship annually.
All FCSI®s must renew their Fellowship by their anniversary date (the date the Fellowship was originally granted). You will receive email reminders 4 weeks and 1 week prior to your deadline.
YOU MUST MEET THE FOLLOWING MAINTENANCE REQUIREMENTS:
- Industry Contribution
- Each FCSI® is required to complete 12 industry contribution (IC) hours per calendar year, starting the first full year after your earn your Fellow. See below for details.
- Code of Ethics
- FCSI®s must re-commit to the FCSI® Code of Ethics each year.
- To continue using the FCSI® trademarks in your own marketing, FCSI®s must re-commit to the Trademark Licence Agreement each year.
- FCSI®s are required to pay a non-refundable licence fee of $325* each year. The licence fee goes towards your trademark rights and benefits from CSI.
*If you hold more than one CSI credential in good standing, you are eligible for a discount on your FCSI® renewal. The discount is tiered depending on how many credentials you have in good standing.
WHAT ARE THE INDUSTRY CONTRIBUTION REQUIREMENTS?
Leaders are required to go above and beyond. The Fellows of CSI (FCSI®) are no exception. They are required to fulfil 12 industry contribution (IC) hours each calendar year, with the intention of bettering and furthering the financial services industry. Given the restrictions caused by the global pandemic, we are extending the deadline to earn the required 12 hours of annual Industry Contribution (IC) credits until December 31, 2021. FCSI's will only be required to complete 12 hours of IC credits for the two-year 2020-2021 period.
The IC must fall outside of an FCSI's primary job function and within these general categories:
- Industry advocacy
- Active support of the financial services industry through presentations or published work (e.g., speeches or articles), targeted to audiences that can benefit from a better understanding of the financial services industry
- These cannot be product or service marketing seminars offered to clients or prospects
- Betterment of the industry
- Teaching courses/seminars in financial services at any school level or for a recognized financial services education provider, or Junior Achievement
- Writing/editing financial services course materials or examination questions for recognized education providers or publishers
- Participation in financial services industry committees, councils or associations
- Charitable work
- Donating time to help your organization raise money for charitable causes they are affiliated with
- Donating time to work with registered charities or non-profit organisations outside of your workplace
FCSI®s can define which of their professional experiences they think represent a meaningful contribution to the financial services industry in the categories outlined above.
ACTIVITY & HOURS TRACKING
Make sure you retain supporting documents to confirm completion of your IC hours. Each year, a percentage of FCSI®s will be audited to verify the IC hours claimed on their FCSI® renewal application. CSI recommends keeping documentation for IC activities on file for at least 2 years.
GENERAL CARRYOVER POLICY
Many activities are worth more than the minimum 12 required hours. IC Guidelines allow for a carryover maximum of 6 hours to the following year.
EXEMPTIONS FOR EXTENUATING CIRCUMSTANCES
FCSI®s commit to life-long giving back to the industry. There may be times, however, when fulfilling IC requirements becomes difficult or impossible. With the support of the Fellow's employer, exemptions for extenuating circumstances may be requested.
- Maternity/Parental Leave Exemption
A 1-year exemption may be requested in the year an FCSI® holder's child is born or adopted, or if the FCSI® is taking maternity or parental leave. An Industry Contribution Exception Request Form must be completed and submitted for approval prior to the end of the calendar year the exemption is being requested. A copy of the child's birth certificate or adoption papers must be submitted with the exception form.
- Disability Exemption
FCSI®s who have suffered a disability or medical condition may request an exemption to the IC requirements. An Industry Contribution Exception Request Form must be completed and submitted for approval. Medical documentation must accompany the request. Each case will be assessed on an individual basis. It is possible accommodations can be made or that the IC requirements be postponed. However, it is unlikely that a permanent or long-term exemption will be approved.
OTHER EXTENUATING CIRCUMSTANCES
Other extenuating circumstances may make it difficult to complete the IC requirements in a particular year. An Industry Contribution Exception Request Form must be completed and submitted for approval. Each case will be assessed on an individual basis.
AUDITING PROCESS - INDUSTRY CONTRIBUTION
CSI will conduct periodic audits of FCSI®s upon renewal of their Fellow to assess compliance with industry contribution requirements. Designation holders must retain supporting documents to confirm completion of CE credits.
- FCSI®s selected for audit purposes will be sent a letter of notification
- They will be asked to submit documents to verify the industry contribution hours they have indicated on their renewal form
- They will have 60 days to comply with the audit request
Misstated or fraudulent reporting of industry contribution work will be reported to the Designation Ethics Committee as a violation of the FCSI® Code of Ethics and will be considered according to the Ethical Misconduct Process.
IF YOU DO NOT RENEW
WHAT IS THE REINSTATEMENT POLICY?
FCSI®s are given the opportunity to reactivate their licence after a lapse of up to 5 years. If your designation has lapsed for more than 5 years, you'll be required to re-take and successfully complete the Financial Services Industry: Business Drivers and Challenges (FSDC) course and meet the work experience requirement.
If the lapse is 5 years or less, you can reactivate by completing the following steps:
- Prove IC requirements have been met
- Pay a $50 administration fee
- Agree to the FCSI® Code of Ethics and Trademark Licence Agreement
If you have not renewed within 12 months of your license renewal date, you will be required to pay a late fee of $50, a reinstatement fee of $325 and the standard annual renewal fee of $325. You will also be asked to prove completion of your Industry Contribution (IC) requirements for all the years of non-renewal. This will require you to submit supporting documents confirming completion of your IC activities.