What is the FSP?
Developed by Finsia in response to the growing need for improved professional standards, the Financial Services Professional (FSP) is a structured, rigorous peer review credential that recognises and values workplace performance. In this way it differs from an education-based qualification.
FSP candidates prepare experienced-based evidence from the workplace to demonstrate, practical application of professional behaviour, skills and technical knowledge. The portfolio of evidence is benchmarked against industry-developed standards. Assessment is based on a process of self-review and peer review.
Once achieved, the FSP is a lifetime credential for Finsia members who commit to ongoing professional development and adherence to Finsia’s Code of Ethics.
How is the FSP different from other qualifications in the financial services industry?
Unlike other credentials in the financial services industry, the FSP is not an education-based qualification. Rather, it is based on a process of self-review and peer review. The FSP program provides an opportunity for candidates to demonstrate their professional capability beyond their educational qualifications.
What industry segments does the FSP cover?
The FSP supports the credentialing of professional capability across a range of industry segments, including:
- Private Banking
- Business Banking
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What’s involved in becoming an FSP?
To gain the credential in either Private Banking or Business Banking, candidates prepare experienced-based evidence to demonstrate practical application of behaviours, skills and technical knowledge to workplace events. The portfolio of evidence, the Professional Portfolio, is benchmarked against industry-agreed standards. A panel of senior Finsia members assess candidates’ professional portfolios. Recommendations are then made to the Credential Admissions Board and candidates are awarded the FSP.
Who can apply for the FSP?
Applicants for the FSP can apply for different streams - FSP Private Banking or FSP Business Banking.
They must have:
- Minimum five years’ work experience in financial services
- Including a minimum of three years working with a portfolio of clients
- A degree or 10 years’ experience overall
- Finsia membership.
For further information about Finsia’s membership categories, see www.finsia.com.
When can I enroll in the FSP credential?
Candidates, who meet the entry requirements for the FSP, can apply for entry into the credential at anytime throughout the year. The FSP Private Banking and the FSP Business Banking are available now. For further information on applying for the FSP email fsp@finsia.com
How long does it take to complete the FSP?
The FSP credential can take up to 12 months to complete, depending on candidates’ current level of experience. Candidates who enrol in the FSP agree to commit the time and effort to the credentialing process. It is recommended that a minimum of 10-15 hours per month over the duration of the FSP be allocated to preparing the portfolio of work-related evidence.
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Does the FSP credential expire after a period of time?
The FSP is a lifetime credential that does not expire on the condition that FSP professionals meet the following requirements:
- Maintaining their Finsia membership, which includes a commitment to Finsia’s Code of Ethics
- Providing evidence of on-going professional development - completion of a minimum of 120 hours of CPD over a rolling three-year period, with a minimum in each year of 20 hours.
Why should I become an FSP?
By completing the FSP credential candidates:
- Demonstrate to employers, peers, the regulator and the industry: high standards of professional behaviour, skills and technical knowledge.
- Increase their value to clients and employers
- Gain a competitive advantage for promotion or a career move
- Learn from industry experts who guide candidates through the credentialing process
- Stay at the forefront of industry trends and knowledge through professional development.
How does my employer benefit from me doing the FSP?
Employers supporting staff to undertake the FSP demonstrate:
- Their capacity to deliver outstanding value and service to clients
- Their commitment to talent development and retention
- A proactive response to the expectations of regulators and consumers for a higher level of professionalism in the financial services industry.
How do I apply for the FSP?
To apply for the FSP candidates can either be sponsored by their employer or self-sponsored. Sponsored candidates are selected by their employer and self-sponsored candidates must provide two work-related referees to Finsia. An application form, sent by Finsia, is completed by candidates. Once the form is returned and verified and fees have been paid candidates are then enrolled in the credential.
What does it cost?
*Assuming candidate is not already a member of Finsia. The membership is paid pro rata depending on date of enrolment.
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Does the FSP have an independent, consistent assessment process?
FSP candidates go through a rigorous peer review assessment process, which benchmarks their professional behaviour, skills and technical knowledge against an industry-developed Capability Framework.
Candidates are required to prepare evidence of work-based activities for their Professional Portfolio. Internal verifiers ensure the integrity of the FSP by reviewing candidates’ work-based achievements prior to submission to their supervisors. Internal verifiers are typically candidates’ line managers. They do not judge or assess the standard of the evidence provided, rather they confirm that it is a true and accurate record of workplace events, which they have either sighted or know to have
occurred.
Once candidates submit their Professional Portfolio it is assessed by an Assessment Panel made up of experienced industry practitioners who are Finsia members. Candidates are then recommended to the Credential Admissions Board who award the FSP.
Will the information provided to Finsia be secure?
Finsia’s Privacy Policy sets out its practices and procedures on the collection, use, protection and recording of personal information collected online and offline. The Privacy Policy is regularly reviewed to ensure its currency and relevance. A copy of the policy is available at www.finsia.com.
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