Landmark Financial Services Academy launched

INSTITUTE: The two regulatory bodies representing the capital market and the insurance industry in Sri Lanka have jointly formed a dedicated institute to promote professional education of financial service in Sri Lanka.

The Securities and Exchange Commission of Sri Lanka (SEC) and the Insurance Board of Sri Lanka (IBSL) last week launched the Financial Services Academy (FSA) that is pivotal to meet the challenge of developing the capital market and the insurance sector in Sri Lanka.

Central Bank Governor, Ajith Nivard Cabraal who was the chief guest at the inauguration ceremony said that FSA would be a landmark organisation which would shape the future of the country’s financial services sector, a vital area as far as economic growth is concerned.

Addressing a press conference following the launching ceremony the Chairman of the SEC and IBSL Gamini Wickremasinghe said the FSA would raise standards in the securities and insurance 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,” Wickramasinghe said.

The IBSL has signed an MoU with Singapore College of Insurance in carrying out insurance related professional education in Sri Lanka. The Executive Director of the College Karine Kam was also present at the inauguration.

SEC Director General Channa de Silva said that FSA would be instrumental in providing much needed education of the financial sector especially those in rural areas.

“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,” he said.

IBSL Director General, Lasinee Seresinghe, said that FSA would offer the insurance industry diploma courses in insurance and programme for principal officers of Insurance broking companies.

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.

(CK)