Finsia Calls For Bipartisan Commitment For Future Of Finance Industry

Finsia Calls for Bipartisan Commitment for Future of Finance Industry

The Financial Services Institute of Australasia (Finsia) has today called for bipartisan commitment to advance the reform agenda for raising the quality of financial products and advice.

"In light of the damage to community trust in financial institutions following the financial crisis, the importance of building, maintaining and signalling professional standards of conduct and integrity across the entire industry has never been more critical," Finsia CEO, Dr Martin Fahy said. "Regardless of the political outcome of this election, we would hope that the important progress already made in the area of financial advice and superannuation is carried forward by the next Government."

"As the Hon. Chris Bowen recently indicated, this requires a whole of industry commitment. Finsia welcomes the Financial Services Council's bold commitment this week, to launch a Trustmark to increase transparency and enable consumers to identify high quality financial products and services in the superannuation and life insurance sectors," Dr Fahy continued.

Finsia believes the Trustmark should provide the necessary employer support for professionals who provide front-line 'fit-for-purpose' financial advice to their clients. Dr Fahy said the reputation of the financial services industry is shaped by the sum of its parts, whereby remuneration and other incentive structures that are established 'upstream' in the product design stage have impacts on the 'downstream' delivery of financial advice to retail clients.

As Australasia's only membership body representing professionals working across the entire financial services value chain, Finsia recently launched a new Financial Services Professional credential (FSP), a world first that will help raise the professional standards of individuals working in financial services. The initial deployment of Finsia's FSP will be focused on the wealth management (retail) segment and progressively rolled out across the financial services value chain over a five-year period.

Candidates who achieve Finsia's FSP credential will make a commitment to a code of ethics and high standards of professional conduct. The FSP credential will also attest to an individual's high level problem-solving capability, relevant industry experience, and superior technical knowledge and expertise (continually updated through professional development programs).

"The wider community expects and deserves to see a common approach to professional standards, both for front-line advisers and the professionals who ensure the integrity of the capital markets and the probity of our banks. In coming years, Finsia expects the FSP to provide a singular focus and voice for financial services professionals," Dr Fahy concluded.

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Contact:
Finsia:
Rachael Norcott
+61 (0) 419 179 995

Finsia Financial Services Institute of Australasia
ACN 066 027 389
Level 16, One Margaret Street
Sydney NSW 2000
T +612 9275 7900
F +612 9275 7999
E [email protected]
Wwww.finsia.com

About Finsia
Finsia the Financial Services Institute of Australasia has a combined wealth of experience in the financial services industry dating back to 1886.

Finsia is connected to a deep, rich history that can be traced back to the establishment of the Australasian Institute of Banking and Finance (AIBF) in 1886 and later the Securities Institute of Australia (SIA) in 1966. The merger of these two leading industry bodies in 2005 signalled a new era for the financial services: one industry represented by a single professional association.

As the only professional association representing the entire spectrum of financial services throughout Australia and New Zealand, its reach extends to more than 16,500 individual professionals working across the broad categories of banking, wealth management and capital markets.

Finsia plays a vital role in protecting the industry's strength and competitiveness in today's evolving global marketplace through its core purpose of helping members succeed in their careers and supporting the growth and development of the financial services industry.

This is achieved through the provision of relevant and high quality professional development programs, a comprehensive suite of career support services and an extensive range of industryleading information resources and publications. Finsia's leadership, research and policy-setting initiatives also play a critical role in promoting industry growth both regionally and around the world.

SOURCE: Finsia