A new professional standard for workers in the banking, wealth management and capital markets has been announced by the Financial Services Institute of Australasia (Finsia).

The Financial Services Professional (FSP) credential is described by Finsia as a unique initiative to “drive changes in behaviours and the conduct of financial services professionals in order to align the industry principles with regulatory change”.

Finsia CEO Martin Fahy says the lack of an industry credential is damaging to a profession that has come under attack following the global financial crisis.

“Greater focus on professionalism will help drive improved business integrity and higher standards of conduct,” he said.

“The integration and industry-wide adoption of Finsia’s FSP will positively impact all stakeholders, employees, employers, regulators and the public.”

Mr Fahy says the FSP fits within the Federal Government’s regulatory framework, and will attest to an individual’s problem-solving abilities, technical knowledge and ethical conduct.