SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                         _______________________________

                                    FORM 8-K

                 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)

                     OF THE SECURITIES EXCHANGE ACT OF 1934




        Date of report (date of earliest event reported): August 25, 2003




                        FINANCIAL INDUSTRIES CORPORATION
               (Exact name of Registrant as specified in charter)




           Texas                       0-4690                    74-2126975
(State or other jurisdiction   Commission file number)       (I.R.S. employer
 of incorporation)                                           identification no.)





                      6500 River Place Blvd., Building One
                               Austin, Texas 78730
                    (Address of principal executive offices)

       Registrant's telephone number, including area code: (512) 404-5000


                        ________________________________



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Item 5.  Other Events

On August 25 2003,  Financial  Industries  Corporation  ("Registrant")  issued a
press  release  announcing  today  that Dr.  Eugene  E.  Payne has  resigned  as
Chairman, CEO and President of Financial Industries Corporation (FIC). Following
Payne's  resignation as Chairman,  Keith Long was elected  Chairman of the FIC's
Board of  Directors.  Payne has  agreed  to  continue  in his  duties as CEO and
President until a replacement is hired by the Board of Directors.

The press release is filed as Exhibit 99.1 to this 8-K and is also  available on
FIC's website at www.ficgroup.com.



Item 7.  FINANCIAL STATEMENTS AND EXHIBITS

     (c)  Exhibits

          The  following exhibit is included with this Report:

          Exhibit 99.1 Press release dated  August 25, 2003 issued by  Financial
          Industries Corporation





                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.



                                        FINANCIAL INDUSTRIES CORPORATION


                                        Date:    August 25, 2003



                                        By:    /s/ Eugene E. Payne
                                           _____________________________________
                                           Eugene E. Payne
                                           Chief Executive Officer


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                                   Exhibit 99.1

(BW) (Financial  Industries  Corporation)  (FNIN) Payne Resigns as FIC Chairman;
Board Votes in Long as Successor

AUSTIN,  Texas -  (BUSINESS  WIRE) -  August  25,  2003 - Dr.  Eugene  E.  Payne
announced  today his  resignation  as Chairman,  CEO and  President of Financial
Industries Corporation (FIC).

"When I was asked by the Board of  Directors  last  November to return to FIC as
President,  Chairman and CEO, my goals were to reorganize  the company and guide
it through a difficult  transition," said Payne. "With that accomplished,  it is
now a good time for new leadership to take over."

Following  Payne's  resignation as Chairman,  Keith Long was elected Chairman of
the FIC's Board of Directors.  Payne has agreed to continue in his duties as CEO
and  President  until a  replacement  is hired by the Board of  Directors.  FIC,
through its various  subsidiaries,  owns real estate,  an  actuarial  consulting
firm,  and  markets  and  underwrites  individual  life  insurance  and  annuity
products. For more information on FIC, go to http://www.ficgroup.com

This release may contain "forward-looking  statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995. These statements
are  based on  management's  current  expectations  and are  subject  to  risks,
uncertainty  and  changes  in  circumstances,  which may cause  actual  results,
performance or  achievements  to differ  materially  from  anticipated  results,
performance or achievements.  Investors are reminded that these  forward-looking
statements  must be considered in conjunction  with the cautionary  warnings and
risk-factors  which are detailed in the  Company's  most recent Annual Report on
Form 10-K,  Quarterly  Report on  Form  10-Q,  and its  other  filings  with the
Securities and Exchange Commission. FIC is under no obligation to (and expressly
disclaims any such obligation to) update or alter its forward-looking statements
whether as a result of new information, future events or otherwise.

Contact:   Robert Cox, Corporate Relations, 512-404-5128, rcox@ficgroup.com


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