FINSIA launches professional qualification in banking

FINSIA/professionalisation/banking/Royal-Commission/fsu/

24 May 2018
| By Hannah Wootton |
image
image
expand image

Reflecting the wider move toward professionalisation in the financial services industry, the Financial Services Institute of Australasia (FINSIA) has launched its first internationally-recognised professional qualification in banking.

The Professional Banking Fundamentals, which would be an entry point into the Chartered Banker pathway, would have a strong emphasis on ethics and integrity.

While FINSIA had announced its plans to introduce professional banking qualifications in May last year as part of its professionalisation strategy, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry had reinforced the need to do so quickly.

“The announcement of the Royal Commission early this year has revealed the urgent need to raise professionalism and standards across the Australian banking industry, the bedrock solution to the industry’s structural weaknesses,” FINSEA chief executive, Chris Whitehead, said.

As Australia had no industry-wide requirement for relevant professional qualifications in banking, FINSIA was working with the UK-based Chartered Banker Institute to adopt the internationally-recognised Chartered Banking qualifications for the Australian market.

FINSIA also proposed the establishment of a Professional Banking Council as part of its attempts to address the trust deficit suffered by financial services currently and build professionalism.

The Institute said the council would define appropriate standards of competence and conduct for the industry, which would be underpinned by the Banking and Finance Oath project.

FINSIA had partnered with the project and was consulting key stakeholders, such as the Australian Banking Association, Customer-Owned Banking Association, financial regulators, banks and the Finance Sector Union.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

3 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

5 months ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

2 weeks 2 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

3 weeks 1 day ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND