What should a CISI member do if unsure about their competence regarding an engagement?

When a CISI member is unsure about their competence regarding an engagement, the most responsible action is to decline the engagement. This decision is rooted in the ethical standards expected within financial services, where professionalism, integrity, and competency are paramount.

Declining the engagement demonstrates self-awareness and commitment to professional standards. By refusing to take on responsibilities that one feels unprepared for, the member helps to protect the interests of clients and the profession as a whole. Engaging in work without being adequately qualified can lead to potential risks, including poor advice or incompetent service, which could harm clients and damage the member's reputation.

While seeking help from colleagues or reporting to regulatory bodies, such as the FCA, could be valid actions in other contexts, they do not address the immediate concern of competence directly. Accepting the engagement solely for perceived benefits can compromise not just the quality of service but also the ethical responsibilities of the individual.