Association to voice concerns of licensed financial planners

Written by Tan Su-Yin
Tuesday, 18 August 2009 12:15

KUALA LUMPUR: The Malaysian Association of Chartered Financial Consultants (MAChFC) seeks to rebrand itself and be the voice for all licensed financial planners in Malaysia. It has changed its constitution to allow any licensed financial planning individual to be full voting members.

The Chartered Financial Consultant (ChFC) qualification is one of four financial planning qualifications recognised by Bank Negara Malaysia and the Securities Commission. The other three are the Certified Financial Planner (conferred by the Financial Planning Association of Malaysia), the Registered Financial Planner (conferred by the Malaysian Financial Planning Council), and the Islamic Financial Planner (IFP) qualification (conferred by FPAM and the Islamic Banking and Finance Institute Malaysia (IBFIM)).

However, the ChFC is no longer offered in Malaysia. While there are associations representing the various qualifications, there is no association representing the interests of licensed financial planning representatives, said Yap Ming Hui, president of the MAChFC. The association seeks to fill that gap.

“We will voice out concerns of licensed financial planners and advisers, for example, in areas such as the regulation of the financial planning industry, to seek to reduce unnecessary hurdles and streamline regulations,” he added. The association plans to hold a seminar to inform all licensed financial planning practitioners of its new role, said Robert Foo, the association’s vice-president for external relations.

Foo added: “We feel the benefits of being licensed are not being properly communicated.”The association is applying to the Registrar of Societies to change its name to better represent this new mission and direction.