The chief executive of the Financial Services Institute of Australia, Martin Fahy, announced his resignation yesterday.Formed from the merger of the Australasian Institute of Banking and Finance and the Securities Institute of Australia in 2005, the professional association is sitting on $40 million in cash arising from the sale of its education arm to Kaplan in 2007.Fahy spent three and a half years in the job, overseeing the transition of the organisation from one devoted to member education to a focus on advocacy and accreditation.Last year Finsia launched its Financial Services Professional accreditation program.Finsia president Malcolm McComas publicised the search for a new CEO yesterday. Executive search firm Heidrich & Struggles began work for the board on recruiting a new CEO late last month.Fahy will join a consulting firm.