One hundred and seventeen people have graduated from custodian courses run by Financial Education Professionals Ltd., helping to cut staff turnover and bolster morale at the custody departments of banks, says Anusha Srinivasan-Ayer, chief executive of Financial Education.

“Internal training has been too internally focused on such things as internal operational risk,” says Srinivasan-Ayer. “We’ve also stressed the inter-connectivity where if one guy goes down, there are problems for the whole industry.”

There are about 3000 people in Australia working in custody. Financial Education’s courses, which are structured so that people can complete the self-study program of four courses in one year, have been endorsed by companies such as BNP Paribas.

“All the feedback I get is that it gives people a 360-degree view of the business,” says Pierre Jond, managing director, Australia and New Zealand, of BNP Paribas Securities Services.