'Qualification Framework for Investment Advisors' launched

Ramani Kangaraarachchi

The Financial Services Academy (FSA), the education and training arm of the Securities and Exchange Commission of Sri Lanka (SEC) and the Insurance Board of Sri Lanka (IBSL) commenced its first ever qualification scheme titled "Qualification Framework For Investment Advisors" for financial industry professionals in Sri Lanka.

This was launched along with their new logo at the Centre for Banking Studies, Central Bank in Rajagiriya on Monday.

This programme was formerly conducted by the Colombo Stock Exchange under the title "Investment Advisor Certification" and now it is restructured in accordance with a new qualification framework established by the Financial Services Academy. This was revealed by the Deputy Director General SEC Marina Fernando.

The Chairman SEC Dr Gamini Wickramasinghe who was the chief guest at the event said this qualification framework which takes into account the incessant changes the Sri Lankan Capital Market has been facing in the recent years, aims to ensure that professionals practicing in the industry possess the competence essential to secure the confidence of investors in the capital market.

He said that the framework also will assist to develop a pool of candidates who are trained in fundamentals of securities and finance markets through the introduction of a minimum level of proficiency whilst assisting practitioners to progress to more advanced qualifications through the development of continuous professional development programmes.

Introducing the Qualification Framework Prof Lalith Samarakoon said that the framework sets out three levels of qualification, namely Certificate in Capital Market (CCM). Registered Investment Advisor(RIA) and Diploma in Capital Market (DCM). The CCM encompasses three course modules in Equity, Debt and Mutual Funds.

Upon the successful completion of CCM, candidates will be eligible to proceed to the next level of certification which is RIA a compulsory pre requisite to discharge duties as a financial adviser. This includes modules in financial planning and advising.

The final level DCM is structured with the view of providing a career progression path for practitioners. In order to obtain the DCM certification, one has to complete five study modules in addition to holding industry experience as specified by the FSA.

Professor Samarakoon said seventy participants from various financial institutions enrolled for the first programme.