PETALING JAYA, Jan 31 (Bernama) -- The Financial Planning Association of Malaysia (FPAM) welcomes Bank Negara Malaysia’s (BNM) single licensing regime for financial advisors and financial planners in its recently launched Financial Sector Blueprint 2022-2026.

Securities Commission Malaysia (SC) has earlier announced this move in September 2021. SC will conduct a joint review with BNM towards consolidating the licensing regime between financial planners (FPs) and financial advisers (FAs).

Currently, financial planners are regulated by the SC and financial adviser representatives by BNM. Many of our members who practice in the financial planning and advice space have to hold dual licences to give their clients a broader range of financial services to implement their financial plans. They welcome this move.

FPAM looks forward to engaging with regulators, namely BNM and SC in planning for this single license regime. With its global connection to countries offering the CFP Certification Exams, FPAM would like to share its experiences in building a strong foundation in financial planning and advice. This in turn, will attract a higher caliber of candidates who can help Malaysians have better quality of life through strategic financial planning.

Paul Low Hong Ceong
President, 
Financial Planning of Malaysia 

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