The National Finance Industry Training Advisory Body (NFITAB) is to be re-launched as a self-funded body. The move comes amid fears the NFITAB would be made obsolete by the Federal Government’s restructuring of national industry bodies into 10 “skills councils”.

The Australian National Training Authority has been in talks with NFITAB for the past 18 months about including it in a skills council that would include the financial services industry. The council will cater for the IT, financial services and the “creative industries” and be called the Innovation and Business Skills Council.

But the NFITAB will survive because it will be able to fund its own operations. The NFITAB board says this is in the interests of the “unique” financial services industry, which needs a central authority specialising in education and training advice for the financial services sector.

NFITAB CEO Catherine Chaffey says she is pleased with the outcome. “Our organisation will be better positioned to provide objective advice, stronger services and better advocacy for the financial services industry,” she said.

“We will continue to provide advice on regulatory matters and help the industry to utilise the training package we created.”

NFITAB has just finalised its Financial Services Training Package, which took two years to complete. The Innovation and Business Skills Council will still take custody of the package, although NFITAB will help the industry to use it.

Ms Chaffey says the revised NFITAB model will be more able to consult with a range of training organisations. “Our funding comes from various sources, and increased focus on consulting with a range of training organisations will help us provide impartial advice and act as an advocate for the financial services industry.”