The Financial Services Institute of Australasia has launched a new credential for industry practitioners that it hopes will overcome some of the shortcomings of competing designations and improve the standing of financial planners, superannuation industry participants and bankers.Finsia claims that the Financial Services Professional credential differs from all other designations in being capability based rather than based on educational qualification.Finsia chief executive Martin Fahy said: "Educational qualification signals potential. It is necessary but it is not sufficient. FSP will signal capability."To gain an FSP designation candidates will have to submit a portfolio and testimony from employers, peers and colleagues, and then sit an admission interview before a panel of senior industry practitioners.Fahy said the process would take 18 months to two years, during which time applicants would work with a mentor.He said: "What we are aiming to do over the next five to 10 years is bring the strong credentialing of law, medicine and other professions to this industry. We don't have that now."By having applicants work with mentors our aim is to change behaviour."Finsia's first priority will be to cover anyone in the industry working with the public - financial planners, wealth managers, superannuation consultants and private bankers. Fahy would like to see the FSP designation ultimately have coverage throughout the industry. Finsia has committed a $12 million budget to develop the program over five years and has already signed up 300 of a planned 1200 mentors.