KUALA LUMPUR, Aug 29 2017 : The Securities Commission Malaysia (SC) Industry Three-Year Joint Action Plan, launched in 2015, has started to bear fruit as evident by the 23 per cent increase in the number of financial planners over the past three years.
SC Deputy Chief Executive Datuk Ahmad Fairuz Zainol Abidin said since the action plan was introduced, the number of financial planning firms have grown by 45 per cent.
“The initiatives under the action plan include streamlining the regulatory requirements for financial planning firms that deal in private retirement schemes (PRS) and unit trusts, as well as, obtaining funding from the capital market development fund (CMDF) to implement various measures to accelerate and shape long-term growth,” he said at the opening of the Annual Financial Planning Signature Conference 2017 by Deputy Finance Minister Datuk Othman Aziz here today.
He said from a holistic perspective, SC believed that such developmental initiatives would contribute to create a conducive environment for the industry to galvanize its growth momentum.
“We expect the number of financial planners to rise further following the recent approval of the new financial planning companies,” he added.
Ahmad Fairuz said in the face of volatility and uncertainties in international markets, the SC had remained focused in its strategic initiative to ensure growth and stability in capital markets.
“We would continue to pursue new drivers of growth, create an enabling environment that promotes innovation and efficiency while ensuring the protection of investors as well as fair and orderly markets,” he said.
He added there have also been efforts to deepen Malaysia’s existing market segments, with a particular focus on improving traction of investment products such as PRS, venture capital/private equity and retail bonds.
Ahmad Fairuz said leveraging on the growth of Islamic capital market, the SC was currently developing a framework for sustainable and responsible investment (SRI) funds and was planning to launch the framework by year-end.
“These initiatives are part of SC’s developmental agenda to facilitate the creation of an ecosystem conducive for SRI stakeholders,” he said.
He said the issuance of the world’s first green-sukuk, last month, garnered recognition by the World Bank in terms of the country’s pioneer role in harnessing capital markets, and in particular Islamic finance, for climate friendly investments.
Ahmad Fairuz said another initiative by SC is the InvestSmart Fest 2017, scheduled to take place in October.
InvestSmartFest 2017 ia aimed at enhancing awareness on the importance of financial planning in securing a stable financial future, he added.
“We are optimistic that the programme would raise the profile and showcase financial planners as a profession, as well as, highlight the services and benefits of engaging a licenced financial planner,” he said, adding that financial planners participating at the event would also provide free initial assessment to investors in one-to-one sessions.
The one-day conference themed, “Upholding High Integrity – The Cornerstone in Financial Planning”, was organised by the Malaysian Financial Planning Council, with the support of the Association of Financial Advisers, Financial Planning Association of Malaysia and the Malaysian Financial Planners and Advisers Association.
The conference is aimed at supporting and building the financial planning profession, as well as, foster a better working relationship among the top four financial planning associations in Malaysia. – Bernama