KUALA LUMPUR: A more comprehensive review of the financial intermediary industry is being undertaken, said Bank Negara Malaysia (BNM) Assistant Governor Dr Norhana Endut.
She said BNM and the Securities Commission Malaysia (SC) are looking into opportunities to streamline regulations for financial planners and advisers.
“Such collaborative efforts have been highlighted in the central bank’s Financial Sector Blueprint and the SC Capital Market Masterplan 3,” Norhana said at the Malaysian Financial Planning Council (MFPC) 20th Anniversary luncheon.
She said that enhancing the financial education level of industries and households remains the key strategy to encourage responsible and effective usage of financial services.
“Together with other partners on the financial education network, we acknowledge MFPC’s contribution towards enhancing public knowledge and awareness via the ‘My Money and Me’ financial literacy programme.
“The robustness of MFPC’s financial education programmes is affirmed by the stream of awards and accolades that it has received throughout the years,” Norhana said, addind that by the end of 2023, there were over 1,400 financial planners and 1,500 financial advisers in Malaysia.
“To a large extent, the growing number of qualified financial planners and advisers have contributed towards the growth of new business of the life insurance and family takaful sector, which grew by a compound annual growth rate (CAGR) of 8.6% for the period of 2018 to 2023,” Norhana said.
Meanwhile, MFPC President Ng Yen Heng said the council’s commitment to excellence remained steadfast following the launch of the Modular Certification Title and the Shariah Capstone Programme which underscored MFPC’s dedication to providing flexible, specialised learning pathways for financial professionals.
“The landscape of financial planning is constantly evolving, presenting us with new opportunities and challenges. To navigate these, we have developed a comprehensive 3-year strategic plan with targets to propel MFPC to greater heights, namely the presence of professionals, influence and branding, as well as community,” he said.
Ng said MFPC is also embarking on a blended-learning strategy augmented with enriched self-paced e-learning modules, providing its members with the flexibility to learn at their own pace.
— BERNAMA
