Financial Planning History Made in Malaysia

Garrison, Laura
July 2004
Journal of Financial Planning;Jul2004, Vol. 17 Issue 7, p22
Academic Journal
This article provides information on the history of financial planning in Malaysia. For the first time in the world, as of July 2004, a country is requiring that financial planners hold a professional designation in order to practice. In Malaysia, the designations that have been chosen to fulfill such a requirement are the Certified Financial Planner and Chartered Financial Consultant marks. In September 2003, the Malaysian Parliament approved an amendment to the Securities Act 1983, requiring that all who hold themselves out to be financial planners apply for an investment advisor's license before August 31, 2004, and while some of the requirements may seem familiar, financial planners being regulated by the Securities Commission (SC) because of its authority over investment advisory activities, what the regulation consists of is radically different. Inherent in the licensing structure is a recognition by the Malaysian government that financial planning is no longer the preserve of the high net worth individuals with significant wealth, according to Datin Zarinah Anwar, deputy chief of the SC. The focus of the regulation is to make financial planning more accessible to the public, by increasing consumer confidence and describing clearly the requirements financial planners must follow in order to use the title.


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