Financial Services Academy (FSA)
Securities and Exchange Commission of Sri Lanka
Insurance Board of Sri Lanka

Introduction

Over the years, the securities market in Sri Lanka has developed extensively and it is today recognized as an efficient, growing, and fast improving securities market. At such a stage of development, the market would be expected to show signs of maturity and growing professionalism so that it could be benchmarked to international standards. In order to perform at such levels, the entire capital market community has to be well aware of the standards expected by the global investing community and they should be sufficiently competent to keep abreast of new developments that take place on a continuing basis being in a position to understand and apply these new phenomena. Although there has been a significant growth in the market, it falls short behind the extent and potential that the business community may have expected it to develop. This could well be due to the dearth of necessary skills among the persons involved in the capital market operations.

Similarly, the Insurance Board of Sri Lanka which, was established in the year 2001 under the Regulation of Insurance Industry Act No. 43 of 2000 is developing and regulating the insurance industry adopting the standards set by the International Association of Insurance Supervisors safeguarding the interest of the policyholders. The insurance industry is faced with severe shortage of qualified and experienced insurance professionals.

In this context, the Securities and Exchange Commission of Sri Lanka (SEC) and the Insurance Board of Sri Lanka (IBSL) took the necessary initiative to formulate a Financial Services Academy (FSA) that is pivotal to meet the challenge of developing the Capital Market and the Insurance Sector in Sri Lanka. It is envisaged that the FSA would raise standards in the securities and financial 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.

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. The FSA combines multifaceted approach which combines education, research and advisory services.

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. For the insurance Industry it is envisaged to offer Diploma Courses in Insurance and Programme for Principal Officers of Insurance Broking Companies.