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Document Cited in Related
Vincent
AuthorHasan, Mohd Sidki
PositionINFORM

Mohd Sidki Hasan ACMA, CGMA, is head of compliance at Kuala Lumpur's Finance Accreditation Agency, an independent quality-assurance body for the financial services industry. He describes his part in pricing the agency's services soon after it was formed

THE BACKGROUND The Finance Accreditation Agency (FAA) was established jointly by the Central Bank of Malaysia and Securities Commission Malaysia in August 2012 to become an international and independent accreditation organisation for training providers in the financial services industry. That October the management team prepared a report on the appropriate pricing strategy for accreditation services at the request of its board. Because the FAA was set up as a not-for- profit organisation, this strategy needed to be designed with great care.

THE PLAN Our objective was to finalise pricing the FAA's accreditation services by the first quarter of 2013. My team needed to complete a comprehensive structure review and provide a viable recommendation. The board's directive to us was to ensure that our prices would be competitive enough to encourage accreditation submissions. They couldn't be too low, but they couldn't be too high either, because that would deter training providers from engaging with us.

THE PROCESS To ensure a wider perspective, the team was represented by the heads of accreditation, quality assurance and corporate strategic relations. It analysed organisations that offered services similar to those that the FAA would provide--including comparable bodies from the EU, Asia, Australia and New Zealand--and the pricing structure was decided in March 2013. This was split into five main components...

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