Finsia Launches World First Financial Services Credential

June 16, 2010 - PRLog -- The Financial Services Institute of Australasia (Finsia), Australia’s peak financial services association and leading provider of policy insights into the finance sector, today launched a new Financial Services Professional credential (FSP), a world first that will deliver the next generation of finance leaders and help raise industry standards.

“The financial services industry lacks an appropriate professional credential,” Finsia CEO, Dr Martin Fahy said. “This puts at risk, among other things, the management of the nation’s superannuation savings that is estimated to grow to A$5.3 trillion over the next 25 years.”

Finsia, with more than 16,500 members, and which next year marks its 125th year since foundation, is the only professional association in Australasia representing the entire spectrum of the financial services industry, including wealth management, banking and finance, and capital markets sectors.

Dr Fahy said Australia had a once-in-a-generation opportunity to capitalise on its relative success in navigating the recent global financial crisis as well as making those employed in the nation’s financial sector the envy of their global peers.

“This opportunity cannot rely solely on education, rather, it requires a professional credential based on the capability and experience of individuals as judged by their peers,” Dr Fahy said.

“As the financial services industry undergoes considerable reform, there is a very real need to drive changes in behaviours and the conduct of financial services professionals in order to align the industry principles with regulatory change,” Dr Fahy said.  

In light of the damage to community trust in financial institutions in the wake of the financial crisis, Dr Fahy said the FSP would have a positive impact on changing recent examples of perceived poor conduct in the financial services industry, including: poor financial advice; excessive remuneration; and the fallout from managed investment schemes.

“Greater focus on professionalism will help drive improved business integrity and higher standards of conduct,” Dr Fahy said.

“The integration and industry-wide adoption of Finsia’s FSP will positively impact all stakeholders, employees, employers, regulators and the public.

“The new FSP is supportive of the new emerging regulatory framework in Australia and other countries and is supported by key financial services employers. The FSP is congruent with the future of the financial services industry.”

The new Financial Services Professional credential will attest to an individual’s:

o   high level problem-solving capability derived from relevant industry experience
o   superior technical knowledge and expertise continually updated through professional development programs
o   these programs will be supported by the inter-generational transfer of values, ethics and behaviours from working with, and being mentored by, experienced professionals that will deliver a ‘career passport’ for the best talent in the industry
o   strong ethical conduct and professional behaviour.
“Finsia is perceived as an independent voice and a strong advocate for the finance sector in the broadest sense,” Dr Fahy said.

“We have a heritage of educating finance professionals and through our intensive research with our members we recognised the need to design and provide a credible professional accreditation,” Dr Fahy said.