Financial Planning Standards Board becomes affiliate member of 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, the 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 the FPSB.

"As the non-profit, professional standards-setting body for the global financial planning community, the 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."

A global professional financial planning body perspective

"We are pleased to welcome the FPSB as an affiliate member of IOSCO," said David Wright, secretary-general of IOSCO. "The 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, explained the significance of the move: "One of the FPI's stated objectives is 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, the 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.

The 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 the 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."