Focus

Ethics forum inspire trust in financial planning

09 Dec 2022 12:25pm
Image for illustrative purposes only - FILE PIX
Image for illustrative purposes only - FILE PIX
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KUALA LUMPUR - Malaysian Financial Planning Council (MFPC) is committed to increase trust and professionalism of the financial planning profession. In view of this, the Council has made it a compulsory requirement for all its members to attend at least one Continuing Professional Development (CPD) programme on trust and professionalism.

Being amongst the first, professional body to introduce such a requirement, all the Council’s new and aspiring members must attend a mandatory programme within two years of being conferred the Registered Financial Planner (RFP) or Shariah Registered Financial Planner (SRFP) programmes. Financial products are becoming more complex for an average individual to understand. The need for professional financial advice, one that is based on an individual’s utmost need, should be the financial instruments one undertakes.

There are two methods for an individual to obtain financial advice: fee based and product commission. A product commission basis is most prominent in Malaysia as such the Council takes every possible action to ensure all members of the Council adhere to the highest standards of professionalism and ethical practice.

The aim of financial advisory activity must be to serve the well-being of individuals. In a world awash with troubles, a key fundamental aspect of well-being certainly revolves around financial well-being.

As, the world including Malaysia is in for a challenging year ahead, with the sharp rise of interest rates reducing individual’s disposal income, professional financial advisors are seen as potential financial navigators. Optimization of an individual’s existing savings will be one of the ways to reach a state of financial wellness and financial planners will be the best individuals to navigate an individual towards this state.
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In his opening address, Mr Vincent Kwo spoke said, financial planners should be the best in what they do to be a competent and professional advisor. Do something because it is fulfilling for themselves and the satisfaction of being able to make a "world of difference” in an individual’s life. "What one’s does en-route, will determine the legacy we will all leave behind.”

This year’s forum was supported by the Employees’ Provident Fund (EPF), Kenanga Investor Berhad, VKA Wealth Planners, Agensi Kaunseling dan Pengurusan Kredit (AKPK), Cashku, and The Malaysian Insurance Institute (MII). YBhg. Dato' Seri Dr Awang Adek Hussin delivered the key note address, in which he emphasized that the Securities Commission (SC) remains vigilant in taking legal action within its purview to weed any bad individuals who provide advisory in the capital market. - BERNAMA

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