Dubai Regulator Challenges FPSB to Take the Lead in Shaping Financial Planning Profession
TAIPEI – 23 April 2010 – At the World Financial Planning Summit, the deputy chief executive and managing director for Dubai Financial Services Authority in the United Arab Emirates urged financial planners to be proactive in shaping the future of their profession – adding that if they don’t, regulators will shape the future for them. Ian Johnston said financial services regulators are moving toward better disclosure, client-focused practices, dealing with conflicts of interest and remuneration, and told attendees they should “stay ahead of the curve.” Financial Planning Standards Board Ltd. (FPSB), the preeminent international standards-setting organization for financial planning and owner of the CFP, CERTIFIED FINANCIAL PLANNER and CFP Logo marks outside the United States, hosted the one-day summit.
“To what extent do you wish the shape of the industry to be determined by regulators and to what extent do you want to shape the game?” asked Johnston. “I think FPSB also needs to consider whether its position on remuneration is one that should be ahead of the curve, or pushed by the regulators. Some developed markets are moving aggressively on this issue – others are likely to follow over time,” he added.
For financial planning to be recognized as a distinct, global profession, Johnston said financial planners should adopt a fiduciary standard, demonstrate leadership on disclosure and conflict of interest issues, and accept high ethical and practice standards.
FPSB’s World Financial Planning Summit engaged global financial planning leaders in a dialogue about the steps needed to gain recognition of financial planning as a distinct, global profession. The event kicked off with a keynote address by Sean C. Chen, chairperson of the Financial Supervisory Commission in Chinese Taipei. Other speakers at the World Financial Planning Summit included:
• Corinna Dieters, 2010 chairperson of FPSB’s Board of Directors;
• Wessel Oosthuizen, director of the Centre for Financial Planning Law at the University of the Free State in South Africa; and
• Gautam Chikermane, executive business editor for the Hindustan Times in India.
The World Financial Planning Summit included small-group discussions on the topics of regulation and professional oversight, building the body of knowledge for financial planning, and consumer advocacy. Attendees included the leaders of more than 17 financial planning standards-setting bodies, as well as regulators, financial planning educators and other invited guests. Video highlights of the event and speech transcripts are available at WorldFPSummit.org.
About FPSB
Host of the World Financial Planning Summit, FPSB manages, develops and operates certification, education and related programs for financial planning organizations to benefit the global community by establishing, upholding and promoting worldwide professional standards in financial planning. FPSB demonstrates its commitment to excellence with the marks of professional distinction – CFP, CERTIFIED FINANCIAL PLANNER and CFP Logo mark. FPSB has 23 member organizations around the world that together have certified more than 126,000 CFP professionals globally. For more, visit fpsb.org or follow the organization at twitter.com/fpsb or facebook.com/fpsb1.
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