How would my invitation to join CISI be determined?

As part of the preparations for joining CISI, FINSIA and CISI will undertake a comprehensive member review process to determine the membership level that will be offered to each individual member of FINSIA. Key considerations forming part of this process will include experience, qualifications, CPD, and current membership standing. Determinations made by FINSIA and CISI will be open to further discussion on an individual case-by-case basis where requested by a FINSIA member.

When would I join CISI – what is the proposed timeline of key events?

No specific date has been set for when members would join CISI at this point. If the consultation process leads the FINSIA Board to decide to progress with adoption of the proposed pathway, it is expected that the change would be implemented in November 2025. During the period from July to August 2025, the FINSIA Board would continue to hold discussions with CISI to work through detailed operational matters relating to FINSIA and all current members joining CISI.

Do I need to renew my membership with FINSIA if it is due to expire between now and the end of 2025?

Yes, you do. Only FINSIA members who maintain a current membership will be invited to join CISI in late 2025. The invitation to join CISI is an exclusive and seamless pathway available only to current FINSIA members.

What happens to membership fees I have already paid?

In order to access this exclusive and seamless pathway into membership with CISI, FINSIA members must have continuous current membership (paid in full) with FINSIA at the time of the proposed implementation in November 2025. At that time, CISI will take into account membership fees already paid to FINSIA, and you will not need to renew your membership with CISI for an extended period after joining. The fees that you will be required to pay to CISI, and the timing, will be detailed in the ‘invitation to join’ communication that every individual member will receive during September and October 2025.

When will I have to renew my membership with CISI?

FINSIA members transitioning to CISI will receive a membership credit period, so they won’t need to renew their CISI membership before their current FINSIA membership expires. The exact length of this credit will be determined individually, with more details to be provided as the transition progresses and agreements between the two organisations are finalised.

What happens to my FINSIA post-nominals?

FINSIA members will be entitled to begin using their new post-nominals with CISI once they join (expected to be from November 2025). The table below sets out the membership levels and post-nominals associated with each membership level of CISI.

In some cases, FINSIA members will notice that the equivalent level of membership with CISI does not carry the same descriptions such as ‘senior associate’ or ‘senior fellow’. Overall, the FINSIA Board believes that the membership proposition and the international standing and recognition of CISI as a leading professional body constituted by Royal Charter for the financial services sector are key factors relevant to any perceived difference in the adoption of membership level descriptions.

In addition, current FINSIA members will continue to be able to use their existing FINSIA post-nominals for a maximum period of two years after the date of joining CISI. CISI will also incorporate content onto their website to articulate the history and heritage of FINSIA as a professional body in Australia and New Zealand and explain the different post-nominals and their meaning to those who might be unfamiliar with that context.

What will happen to Life Members of FINSIA? What is the translation to CISI? 

Should the FINSIA Board proceed with the proposed strategic alliance with CISI, the Board will hold further discussions with CISI to explore how FINSIA life members can be recognised in an appropriate way with CISI going forward. More information in relation to this will be provided in the coming weeks.

Whilst I understand the fees are generally going down, based on my reading, the fee for retired members is going up substantially (more than double). 

Further discussions with CISI in relation to membership fees for concessional rate members will occur as part of the next phases of work if the FINSIA Board decides to proceed with the proposed strategic alliance. More information on this will be provided to FINSIA members in the coming weeks.

Are there any accommodations for those who are already CISI members, who already have a paid-up CISI membership for the current year?

If the FINSIA Board decides to proceed with the proposed strategic alliance, further discussions will be held with CISI to explore how current FINSIA members who are already members of CISI can be transitioned in a way that is appropriate and consistent with the principles of the broader member transition. More details in relation to this will be provided to members in the coming weeks.

Will our current CPD hours be transitioned across to CISI?

FINSIA will ensure that all relevant member data, including information relating to CPD hours completed, is shared with CISI if a transition of members takes place later in 2025

As an organisation constituted by Royal Charter, CISI is deeply committed to ensuring that members are able to meet ongoing CPD obligations through their own learning programs, as well as other third-party programs

What happens if I am currently undertaking a course of study with FINSIA?

FINSIA is committed to supporting members and learners who are progressing with studies towards the awarding of a credential through FINSIA.

Any decision to proceed with a transition of members to CISI will incorporate specific arrangements to continue to provide uninterrupted support to learners who may be mid-way through their course of study – whether through a FINSIA, CISI or Chartered Banker Institute program.

Details of how transitional arrangements will be managed for learners in this position will be developed in the period ahead and will be shared with learners as soon as they are available. For the time being, no changes to current studies or examination process will apply to current learners.

What support will be available to members in the period leading up to joining CISI?

Representatives from FINSIA and CISI will be available to answer individual questions in relation to the changes to membership during the period in the lead-up to joining CISI. More details about those contact points, and the operational steps associated with joining CISI, will be shared with members if the FINSIA Board confirms its intention to proceed with the proposed pathway following this consultation process.

Who would be our member contact going forward?

CISI will form a National Advisory Council for Australia and New Zealand to provide strategic input and advice to the CEO and Executive Team on matters relevant to members in the Australasia region. More details about the National Advisory Council structure will be developed by FINSIA and CISI in the period ahead.

Additionally, CISI will have resources in their team who will serve as a first point of contact for members in Australia and New Zealand who would like to discuss specific membership matters or to provide feedback.

How will members access CISI services given headquarters are in the UK?

Members will be supported through a mix of online channels and local in-person support via the Advisory Council and CISI’s member services team. CISI’s global presence means they are experienced in assisting members across time zones, and they will tailor events and programs to be relevant for the Australian and New Zealand markets.

Would CISI have a presence in Australia or New Zealand?

CISI has several offices in a range of markets around the world, beyond its UK Head Office. CISI has committed to assessing member requirements and exploring the opportunity for a physical presence to be established in Australia or New Zealand in the future.

With the support of members in this region, CISI intends to hold in-person knowledge-focussed events in the local market in order to provide an opportunity for members to come together and build connections across the profession.

Will CISI events, like knowledge webinars, be run in our local time zones?

It is our expectation that CISI will be able to offer webinars and other knowledge programs to members in different time zones given CISI’s membership community is present in more than 100 markets around the world.

At the moment, FINSIA’s experience is that members enjoy the ability to participate in online events in real time, and they also deeply value the opportunity to view and download webinars and other knowledge programs online at a later time when it suits their individual schedule.

Will there still be face-to-face events and networking opportunities, or will everything be online?

Yes, in-person events and networking opportunities will continue across Australia and New Zealand. CISI will build on FINSIA’s experience with these events, supported by the Advisory Council and local members. Online events will also remain an important part of member engagement and knowledge sharing.

Will members in Aust/NZ have a voice through to the CISI CEO and Board? What role will the Advisory Council play?

Yes, members in Australia and New Zealand will be able to provide direct input and feedback to the CISI CEO and management team, and the CISI Board. A new National Advisory Council will be formed locally, representing the diversity of the membership community, and will serve as a key channel for sharing member perspectives on CISI’s initiatives.

If the proposed strategic alliance goes ahead, will FINSIA and the FINSIA brand continue to exist?

It is the Board’s intention that the FINSIA brand will continue to exist into the future, and that CISI will have the opportunity to use the brand in the Australia and New Zealand markets where it feels that is appropriate

It’s worth acknowledging that CISI is a global brand, and over time we expect the CISI brand to be more prominent in the local market through participation in events and other initiatives that will help CISI to grow its membership community in Australia and New Zealand.

Is CISI the only option? How about Chartered Banker Institute (CBI)? Also can Chartered Bankers just remain members of the Chartered Bankers Institute rather than moving over to CISI?

As detailed in the member consultation paper, the FINSIA Board considered many Australian and New Zealand organisations as well as international bodies as part of its due diligence process.  Ultimately, CISI was selected as the strategic alliance partner because of its global reach, strong member value and growth record, and its capacity to invest in members in both the short and long-term.

CISI, much like FINSIA, has a diverse membership community that represents all corners of the financial services sector. Around 15 percent of CISI’s membership community work within the banking sector, which is broadly in-line with the proportion of current FINSIA members engaged in banking. Joining a diverse community of professionals within the sector is generally seen as an important ingredient in creating a strong network of relationships that help to support a vibrant and dynamic career journey in the sector.

If FINSIA ends up being merged with or absorbed into CISI, what likelihood is there that Australian regulatory bodies would want to take advice from CISI as an international body?

Key policy-making and regulatory bodies are accustomed to receiving feedback and input from a wide range of business and community organisations in relation to proposals for changes to laws or regulations. The FINSIA Board expects that CISI’s international standing, and the member experience it is able to harness from both Australia and New Zealand and other markets around the world, will strengthen its capacity to offer constructive and value-adding advice to governments and regulators on a wide range of topics relevant to the financial services sector.

Are any fees being paid by FINSIA to CISI in relation to the proposed strategic alliance, and is any party (including the FINSIA CEO and/or Board Directors) being paid a ‘success fee’ in relation to the proposal?

No. The proposed strategic alliance and member transition does not involve any fees or in-kind incentives being paid by FINSIA to CISI, nor does it include the payment of any ‘success fees’ to any party. The remuneration arrangements for the FINSIA CEO and Managing Director are governed by the employment agreement that was put in place in 2022 when he commenced in the role. FINSIA Board directors are volunteer members and are not remunerated in any way for their role with FINSIA. These details are set out in the audited annual financial statements for the FINSIA Group, which are available on the website.