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 own network of affiliate organizations at the national and regional levels to champion the interests of consumers and providers of financial planning advice. FPSB and its affiliate 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 affiliate 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.

FPSB Affiliate Programs

 
 

FPSB Positions and Comment Papers

  1. FPSB Europe’s Response to ESAs’ Joint Consultation Paper Concerning ESG Disclosures

    September 2020
  2. FPSB Europe’s Response to ESAs’ Joint Consultation Paper Concerning Amendments to the PRIIPs KID

    January 2020
  3. FPSB Guidance Practice Note 2019/01: Advising Vulnerable Clients

    November 2019
  4. FPSB Response to OECD-INFE Draft Recommendation on Financial Literacy and Education

    March 2019
  5. FPSB Europe Position: Consumer Protection and Investment Advisor, Financial Advisor and Financial Planner Competency and Oversight in Europe

    July 2018
  6. FPSB Response to IOSCO Consultation Report on Retail OTC Leveraged Products

    March 2018
  7. FPSB Europe Comment on ESMA Call for Evidence on CFDs/BOs for Retail Investors

    February 2018
  8. FPSB Response to IOSCO on Senior Investor Vulnerability

    June 2017
  9. FPSB Europe Response to European Commission Consultation on Fintech

    June 2017
  10. FPSB Response to ESA Joint Discussion Paper on Automation in Financial Advice

    March 2016
  11. FPSB Response to ESMA Consultation on Draft Guidelines for the Assessment of Knowledge and Competence

    July 2015
  12. FPSB Response to IOSCO C3 on Automated-Advice Tools

    March 2015
  13. FPSB Position: Financial Planner Remuneration

    November 2014
  14. FPSB Response to ESMA Consultation on MiFID II/MIFIR

    July 2014
  15. FPSB Response to IOSCO C8 on Strategic Framework for Investor Education and Financial Literacy

    July 2014
  16. FPSB Response to IOSCO’s Suitability Principles Paper

    May 2012
  17. FPSB Position: Regulation and Oversight of the Financial Planning Profession

    November 2010