Financial Services Institute of Australia (Finsia) CEO Martin Fahy will step down this year.

He plans to return to a role with a consultancy firm, but will work with the Finsia board during the handover.

Finsia has appointed recruitment specialists Heidrick & Struggles to lead an international search for a new CEO.

Mr Fahy has been at Finsia since 2007.

Finsia President Malcolm McComas says Mr Fahy has led the institute through “a period of transformation” since the sale of its education assets in 2007.

“Under Mr Fahy’s leadership Finsia has secured its position as the leading professional membership association for executives working in the financial services industry,” Mr McComas said.