Financial Planning Standards Board Joins IOSCO, Boosting FPI’s Effort on the Recognition of Financial Planning

06 November 2012 The Financial Planning Institute?s (FPI)

FPSB joins IOSCO’s SRO Consultative Committee to add the voice of the global financial planning profession to the debate on global securities market issues

The Financial Planning Institute’s (FPI) status as a standard-bearer for the financial planning profession in South Africa has been bolstered with the announcement that Financial Planning Standards Board (FPSB), the international financial planning standards-setting body to which it is affiliated, has been approved as an affiliate member of the International Organisation of Securities Commissions (IOSCO).

IOSCO is an international standard setter for securities markets. Its membership, consisting mainly of statutory regulatory bodies from over 100 jurisdictions around the world, regulates more than 95% of the world's securities markets. South Africa’s non-banking financial services industry regulator, Financial Services Board, is a member of IOSCO. The FPI is a founder member of the FPSB which owns the international CERTIFIED FINANCIAL PLANNER® certification programme managed locally by the FPI.

“As an international standards organisation for the securities sector, IOSCO is making decisions on various issues that could impact the practice of financial planning and the role of financial planning professional bodies around the world,” said Noel Maye, CEO of FPSB.

“As the non-profit, professional standards-setting body for the global financial planning community, FPSB will bring the perspective of over 140,000 CERTIFIED FINANCIAL PLANNER® professionals to the debate on issues such as investor protection and standards of conduct for financial intermediaries.”

“We are pleased to welcome FPSB as an Affiliate member of IOSCO,” said David Wright, Secretary General of IOSCO. “FPSB will bring a global professional financial planning body perspective on the issues faced by the consumers of financial advisory services and financial planning to IOSCO debates.”

Godfrey Nti, CEO of the Financial Planning Institute, explains the significance of the move “One of FPI’s stated objectives are to ensure that financial planning is recognised by policymakers and regulators as a distinct profession and that financial planners are widely respected as expert practitioners in the industry. As a SAQA-recognised professional body, FPI has been persistently advocating for the recognition of financial planning as a distinct profession to regulators, with the CFP® designation as its symbol of excellence.

FPI is pleased with the FPSB joining IOSCO as this move provides a new and important avenue to advocate for the profession at the global level. Through FPSB we look forward to working collaboratively to shape appropriate regulation, oversight models and standards for the financial planning profession at the global and local levels.”

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