Financial Planning Institutes gets SARS Recognised Controlling Body status

The Financial Planning Institute of Southern Africa (FPI); a South African Qualifications Authority (SAQA) recognised professional body; has recently been approved by the South Africa Revenue Services (SARS), in terms of Section 204A of the Tax Administration Act, as a Recognised Controlling Body (RCB).

“This recognition, a validation of the quality of FPI’s certification and practice standards as well as its overall pre-eminent standing, is another important milestone achievement for FPI and the financial planning profession as it sets us at strategic parity with other respected professional bodies. It also strengthens FPI’s profile as a credible body that can be trusted with self-regulatory or co-regulatory authority in regulating the conduct of financial planners and financial advisors”, said Godfrey Nti, FPI CEO.

With this recognition, the Institute will be represented and become part of SARS’ consultative panel on tax policy and regulatory matters; FPI members, who provide and perform tax administration duties, automatically meet this requirement and will be registered with SARS as such. The recognition also allows any tax practitioners, wishing to be registered with SARS and meeting FPI’s membership requirements, to become an FPI member – further supporting the Institute’s growth strategy.

It has been almost three years in the making and today we are pleased that we now have this recognition. Becoming an RCB is a positive strategic move which will position the Institute as a thought leader and we will actively play a key role in influencing future tax policy and regulation matters,” said David Kop CFP®, FPI Head: Public Policy and Consumer Affairs.