Bejing Group Awarded Exclusive Rights To Administer CFP Certification Program in People's Republic of China

Financial Planning Standards Council of China To Offer First CFP Certification Examination in China in June 2006

Chinese language version

BEJING, 05 JUNE– Financial Planning Standards Board Ltd. (FPSB), the owner of the CFP, CERTIFIED FINANCIAL PLANNER and CFP (with flame logo) marks outside the U.S., today announced that it has entered into a licensing and affiliation agreement with the China Foundation for the Development of Financial Education that will allow the nonprofit organization, working through the Financial Planning Standards Council of China (FPSCC), to become the exclusive administrator of the CFP certification program in the People’s Republic of China.

At a recent Vancouver meeting of the organizations that offer CFP certification globally, FPSCC demonstrated that it had met FPSB’s requirements to become an Affiliate member of FPSB, and has now been authorized to administer CFP certification examinations and oversee the development, enforcement and promotion of CFP certification in the PRC.

“Financial Planning Standards Board is pleased to have found a partner of the caliber of FPSCC in China to help us establish a financial planning profession centered on the principles and standards of the CFP certification marks,” said Elaine E. Bedel, CFP, FPSB Chairperson. “FPSCC has demonstrated its commitment to developing, administering and maintaining rigorous standards for the CFP certification program in China. On behalf of the 100,000 CFP professionals worldwide, we welcome FPSCC to the global community of professional financial planning certification bodies.”

As an Affiliate member of FPSB, FPSCC has responsibility for offering the CFP certification in China; localizing the global CFP certification standards to the Chinese marketplace; registering education providers to offer courses; overseeing the administration of CFP certification exams; ensuring that individuals who use the CFP marks in China are properly authorized; and establishing, enforcing and promoting initial and ongoing competency, ethics and practice requirements for CFP professionals in China.

“Financial Planning Standards Council of China is pleased to have been granted exclusive rights by Financial Planning Standards Board to administer the world-famous CFP certification program in China,” said Mr. Liu Hongru, FPSCC’s Chairman. “By introducing the internationally-recognized CFP certification standards to China, FPSCC will improve the competency and skills of China’s financial services practitioners and improve the public’s confidence in the quality and advice of China’s financial planning practitioners.”

"The agreement with FPSCC is an exclusive one. No other organization is in any way authorized to grant the CFP credential or to administer the CFP certification program in the People's Republic of China," said Noel Maye CEO of FPSB. "We have noticed cases of unauthorized, abusive or illegal use of the CFP marks by some entities and individuals in China. FPSB and FPSCC will take legal actions against those parties to protect the interests of FPSB, FPSCC, CFP professionals and the public," he added.

To assist and guide FPSCC in introducing the CFP certification program to China, FPSB and FPSCC relied on an International Advisory Panel made up of certification and standards experts from Canada, Chinese Taipei, Hong Kong and the United States.

To earn the right to use the CFP marks in China, individuals must met appropriate experience, education, examination and ethics standards as defined by FPSB and FPSCC. Once certified, CFP professionals must complete professional development courses to maintain their ongoing competency and adhere to a rigorous code of ethics and set of practice standards. To support a career pathway to CFP certification, FPSCC has introduced an Associate Financial Planner or AFP credential for those who have met some of the CFP certification requirements. FPSCC will register appropriate education providers to offer CFP certification education courses in China in the future.

FPSB is governed by a nine-member international board of directors and supported by the FPSB Council, an advisory group representing 18 organizations (FPSB Affiliates) that currently manage the CFP certification in their respective countries and two organizations in the process of becoming FPSB Affiliates. Countries or regions where FPSB has a nonprofit member organization that offers, or is preparing to offer, CFP certification include: Australia, Austria, Belgium, Brazil, Canada, Chinese Taipei, France, Germany, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, the People’s Republic of China, the Republic of Korea, Singapore, South Africa, Switzerland and the United Kingdom.

FPSB manages, develops and operates certification, education and related programs for these financial planning organizations so that they may benefit and protect the global community by establishing, upholding and promoting worldwide professional standards in financial planning. FPSB’s commitment to excellence is represented by the marks of professional distinction – CFP, CERTIFIED FINANCIAL PLANNER and CFP(with flame logo).

FPSCC is the sole organization authorized by FPSB to offer CFP certification in China, with responsibility for establishing, upholding and promoting CFP certification as the standard of professional excellence for financial planning in China. FPSCC’s mission is to improve the competency and enhance the integrity of financial planning practitioners so that consumers in China can value and achieve maximum benefits from financial planning. For more, visit www.fpscc.cn.