Finsia members support Kaplan sale
Most members of the Financial Services Institute of Australasia (Finsia) have endorsed the proposed sale of the financial services education business to newspaper group Kaplan for $36 million.
A postal ballot of voting members that followed meetings throughout Australia and New Zealand resulted in 60.09% of valid votes being cast in favour of the sale.
The Finsia board made the members’ vote a condition of the sale, although there is no requirement for membership approval under the Finsia Education constitution.
The endorsement of Finsia members means that members, practitioners, students and staff will be advised of all transition arrangements before sale completion.
Finsia President Michael Shepherd says he is pleased most members who voted supported the findings of a review conducted by the board last year.
“The review concluded that the education business was not sustainable for Finsia in the long term,” he said.
He says Finsia has fulfilled its original objective of introducing formal professional education courses and qualifications for the financial services sector.
“However, this role is being met now by a number of tertiary education providers, including leading Australian and international universities.”
Mr Shepherd says the sale to Kaplan represents a “best of both worlds” outcome for Finsia. “It ensures that the quality education business we have created will continue to be developed by a well-resourced, internationally recognised tertiary education specialist in Kaplan.”
A postal ballot of voting members that followed meetings throughout Australia and New Zealand resulted in 60.09% of valid votes being cast in favour of the sale.
The Finsia board made the members’ vote a condition of the sale, although there is no requirement for membership approval under the Finsia Education constitution.
The endorsement of Finsia members means that members, practitioners, students and staff will be advised of all transition arrangements before sale completion.
Finsia President Michael Shepherd says he is pleased most members who voted supported the findings of a review conducted by the board last year.
“The review concluded that the education business was not sustainable for Finsia in the long term,” he said.
He says Finsia has fulfilled its original objective of introducing formal professional education courses and qualifications for the financial services sector.
“However, this role is being met now by a number of tertiary education providers, including leading Australian and international universities.”
Mr Shepherd says the sale to Kaplan represents a “best of both worlds” outcome for Finsia. “It ensures that the quality education business we have created will continue to be developed by a well-resourced, internationally recognised tertiary education specialist in Kaplan.”