The Financial Planning Association of Malaysia says BNM’s single licensing regime for financial advisors and planners is a positive move. It was announced in the recently launched Financial Sector Blueprint 2022-2026.
The SC has earlier announced this move in September 2021. SC will conduct a joint review with BNM towards consolidating the licensing regime between the planners and advisers, says Paul Low Hong Ceong, President FPAM.
Currently, the planners are regulated by the SC and adviser representatives by BNM. Many of the members who practice in planning and advice space have to hold dual licences to give their clients a broader range of services to implement their finance plans. They welcome this move.
