FINSIA
Finsia – Financial Services Institute of Australasia (Finsia) is a membership association for financial services professionals in Australia and New Zealand. It was created in 2005 through merger of two older Australian associations making it one of the largest financial services organisations in the region. Its main aim is to help its members succeed in their careers.
A large part of its operations was providing financial training to its members but its training division was sold to Kaplan Inc in 2007 which now provides these services to Finsia members and non members. Finsia no longer offer any training or education. In 2014 Finsia signed an agreement with Macquarie University, but offer no joint product with the University.
History
Finsia was formed in 2005 by the merger of the Australasian Institute of Banking and Finance (AIBF), founded 1886 and the Securities Institute of Australia (SIA), founded 1966. In 2007, Finsia members voted in support of a Board recommendation to sell the education business to Kaplan Inc for $36 million.
In May 2011 Russell Thomas F Fin was appointed as Finsia's CEO. Since Mr. Thomas' appointment, the organisation has shrunk to approximately 10,000 members, having lost 50% of the membership since 2007.[1]
Mr. Thomas exited the business with Jane Endacott appointed Acting CEO of Finsia in January 2016, having joined the organisation in the role of Executive General Manager, Commercial and Capability in 2015.
Finsia's 2014 annual report shows that its revenue was A$4.5 million and its expenses from operating activities were $8.3 million. The Institute lost $2.6 million. It has suffered a string of losses in recent years, with the biggest being $4 million in 2010.
Structure
Finsia is governed by a Board of Directors which is responsible for the overall corporate governance of Finsia, including its corporate planning.
The association is structured as a unlisted public company in Australia, limited by guarantee and not having a share capital. Finsia Education is an unlisted public company, limited by guarantee and not having a share capital. It continues to operate for Finsia transactions following the sale of the education business to Kaplan.
References
- ↑ "Finsia Annual Report 2007" (PDF).