Engaging Regulators and Legislators Globally and Nationally

fpsb-advocacy-meeting-in-sessionAs the preeminent professional standards-setting authority for financial planning, FPSB welcomes enforcement of appropriate standards for financial advice and the financial planning profession, and believes that regulators, legislators and governments should recognize financial planning as a distinct, professional practice. FPSB also believes that financial planning should be regulated in a manner consistent with established professions, such as medicine, law and accounting.

FPSB is an affiliate member of the International Organization of Securities Commissions (IOSCO), and works with its network of member organizations at the national and regional levels to champion the interests of consumers and providers of financial planning advice. FPSB and its member organizations engage with regulators, legislators and governments to have them recognize that financial planning is still an emerging professional practice around the world. Any regulatory or oversight models that are developed need to ensure the opportunity for growth of, and innovation within, the sector to better serve the public’s needs.


FPSB’s Tenets for Regulation

FPSB believes that effective regulation of financial planning is best achieved through a collaborative effort among governments and professional bodies, where governments set the regulatory expectations of practice, market integrity and consumer protection, and professional bodies determine professional norms, conduct expectations and education and certification requirements that foster consumer and government confidence in the profession.


Regulation and Oversight of the Financial Planning Profession

FPSB recommends three tenets to guide efforts to oversee and regulate the financial planning profession in a territory.

  1. Use of the title “financial planner” should be protected in law or regulation.
  2. Financial planners should be held to a fiduciary standard of care in law or regulation.
  3. Oversight of financial planners should be undertaken by a professional financial planning body.

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Supporting Financial Literacy and Financial Capability Globally

FPSB and its network of member organizations are committed to improving levels of financial literacy and financial capability among the global public through pro bono efforts by the global CFP professional community, by participating in national financial literacy strategies, by engaging with IOSCO’s Forum for Investor Education (IOSCO-IFIE), and as an affiliate member of the OECD’s International Network on Financial Education (OECD-INFE) to bring the voice of the global financial planning profession to policy debates and programs to promote increased global financial literacy and financial capability.

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