How To Become An Independent Financial Adviser In Malaysia?
One must
pass a series of rigid examinations conducted by either one of the following:
Those who act as or represent themselves as being "Financial Planners" without an investment adviser’s licence would be in contravention of the licensing requirements under the SIA and would be liable, on conviction, to a fine not exceeding RM1 million or to imprisonment for a term not exceeding 10 years, or to both.
Meanwhile, the term “Financial Adviser” is a restricted word under Section 139 of the FSA. no one shall in name, description or title uses such a word, unless he or she is approved under the (FSA) Act to carry on a financial advisory business. Anyone who contravenes the Act shall on conviction, be liable to imprisonment of up to eight years or fined not exceeding RM25 million, or both.
1)
Certificated Financial Planner (CFP) issued by Financial Planning Association
of Malaysia (FPAM), which is recognized globally.
2) Registered
Financial Planner (RFP) issued by Malaysian Financial Planning Council (MFPC),
which is recognized locally only.
What is the
difference between ACCA and MIA? ACCA is a worldwide recognized Accounting
Professional qualification, whereby MIA is a locally recognized Accounting
Professional qualification.
To enroll in CFP courses, the particular person
must fulfill the following requirement:
- Possesses
a minimum of Bachelor Degree in any faculty of studies.
To enroll in RFP courses, the particular person
must fulfill the following requirements:
- At least
possesses a Diploma qualification (RFP).
After passing above examinations, the
particular person must fulfill all of the requirements:
- Must be a
malaysia Citizen.
- Have 3
years financial services experiences.
- At least
21-year-old.
- Must be
full time practitioner.
- Attained a minimum 20 CE and 20 CPD hours on personal development training programs in yearly basis.
- Attained a minimum 20 CE and 20 CPD hours on personal development training programs in yearly basis.
Besides that, the person has to obtain the title of CMSRL from Securities Commission Malaysia as Financial Planner and FAR license from Bank Negara Malaysia as Financial Adviser before practicing his/her role as an Independent Financial Adviser.
Those who act as or represent themselves as being "Financial Planners" without an investment adviser’s licence would be in contravention of the licensing requirements under the SIA and would be liable, on conviction, to a fine not exceeding RM1 million or to imprisonment for a term not exceeding 10 years, or to both.
Meanwhile, the term “Financial Adviser” is a restricted word under Section 139 of the FSA. no one shall in name, description or title uses such a word, unless he or she is approved under the (FSA) Act to carry on a financial advisory business. Anyone who contravenes the Act shall on conviction, be liable to imprisonment of up to eight years or fined not exceeding RM25 million, or both.
References:
https://www.youtube.com/watch?v=bc-JSXFjvFI