The insurance industry is faced with severe shortage of qualified and experienced insurance professionals.
In this context, the Securities and Exchange Commission of Sri Lanka (SEC) and the Insurance Board of Sri Lanka (IBSL) took the necessary initiative to formulate a Financial Services Academy (FSA) that is pivotal to meet the challenge of developing the Capital Market and the Insurance Sector in Sri Lanka. It is envisaged that the FSA would raise standards in the securities and financial services industry by imparting knowledge and training on practical, contemporary and innovative education, keeping with international standards and norms. It will also foster ethical and effective market players through advocating high levels of professional conduct in the sector.
The objective of FSA is to become a premier institute in Sri Lanka to provide professional level education related to the development of capital market and the Insurance industry. The FSA combines multifaceted approach which combines education, research and advisory services.
At its inception the FSA focuses to offer four core programmes catered for the needs of different niches in the capital market, under the broad categories of Diploma in Capital Markets, Programme for Investment Advisors, Role of Directors and Corporate Governance, and Investor Awareness Programmes. For the insurance Industry it is envisaged to offer Diploma Courses in Insurance and Programme for Principal Officers of Insurance Broking Companies.
| Vision |
Mission |
| To be the centre of excellence for Financial Services Industry training, development and research in Sri Lanka and the South Asian region |
To be a viable capacity building tool for instituting quality, relevance, professionalism, transparency, integrity and best practices in the Sri Lankan capital market and insurance industry |
Goals and Objectives:
- Be a centre of innovation and creativity, developing and re-shaping training programs to meet the capital market development in Sri Lanka.
- Develop healthy relationships with universities, other higher educational institutions and schools to enhance the awareness of capital market activities.
- Provide first class teaching/learning in a modern learning environment.
- Build networks with a range of other training providers to share the best practices.
- Provide tailor made, need based training programs for directors of listed companies in Sri Lanka.
- Promote research pertaining to the capital market development.
- Collaborate with foreign institutions/professional bodies to promote professional education in financial services industry.
Values
The FSA conducts its business in line with its core values of:
- Identifying and developing suitable programmes to promote the capital market and insurance industry
- Be an open, consultative and accountable organization seeking fully to
- involve stakeholders
- Maintain high standards of integrity, professionalism and probity, and to
- promote equal opportunities in all areas of operation
- Develop and support all SEC staff to contribute effectively to the FSA’s aims
- and to succeed in their roles
- Make effective use of the SEC’s existing resources and ensure value for money
Responsibilities
The FSA is therefore saddled with the responsibilities, amongst other things, to:
- Organize and carry out training programmes including courses, seminars, workshops, discussions etc. on the capital market for capital market operators, intermediaries, students and members of the general public interested in the capital market and allied matters;
- Sponsor workshops, research, information services and educational activities designed to improve economic and business management, increase private sector initiative, participation and leadership and gain widespread support for realistic and progressive economic programmes;
- Set up and fund research efforts and activities to carry on practical research on the Sri Lankan capital market in particular in banking, insurance, professional services and any other sector that the Advisory Board members may determine from time to time.
Structure of the FSA
The FSA will be registered as a trust.
Trustees are,
• Chairman, SEC/IBSL
• Director General SEC
• Director General IBSL
• Commission member- SEC
• Board member- IBSL
The FSA consists of two Advisory Boards representing operators of the capital market and the insurance sector. The Trustees determine the policy of the academy.
The Director-FSA oversees the day-to-day administration of the academy.
The FSA would consist of following divisions:
(i) The Programmes Division
(ii) The Marketing and Consultancy Division, and
(iii) The Administration and Finance Division
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