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Stephen Po Addresses FPSB Council (October 2010)
2010

IOSCO Regulator Addresses Global Community at FPSB Meeting in Seoul

-- Stephen Po Provides Global Perspective on Regulatory Initiatives for Financial Advisers as Part of FPSB’s Strategic Planning Session --

SEOUL, Republic of Korea – 20 October 2010 – At its semi-annual meeting today, 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 trademarks outside the United States, heard a keynote address from Stephen Po, chairperson of the International Organization of Securities Commissions’ (IOSCO) Standing Committee Three on Market Intermediaries Supervision. Po shared information with the representatives from 23 financial planning bodies around the world on the latest IOSCO initiatives on intermediaries' business conduct and practices, along with his views on adviser regulation.

Stephen PoIn his presentation, Po identified standards of care and disclosure to clients as key issues to be addressed by the financial planning profession. “Given the growing complexity of financial products, investors should be provided with enough information to make informed investment decisions. Financial planners need to ensure that representations made to investors are accurate not misleading,” he said. “Increasingly, regulators are considering fiduciary standards and suitability requirements as regulatory tools to protect consumers from mis-selling.”

Po went on to say that, internationally, regulators are developing principles on selling practices for financial intermediaries, professional financial planning bodies can support their efforts by enforcing professional practice standards, providing ongoing training and guidance to professionals about competency, ethics and practice standards and providing, input from the financial planning profession’s perspective on international regulatory initiatives.

“Mr. Po’s comments reflected what many of our organizations have been hearing from their own national regulators,” said Corinna Dieters, FPSB’s 2010 Board of Directors Chairperson. “Increasingly, FPSB is seeing the global regulatory environment converging around a few central themes, such as the standards of care for clients, financial planner compensation, and disclosure of conflicts of interest. Mr. Po’s insights as both an IOSCO member and a financial services regulator in Hong Kong will help inform FPSB as we develop global positions for the financial planning profession to address these key issues.”

As chairperson for IOSCO’s Standing Committee Three, Po is responsible for reviewing and proposing standards on the regulation of market intermediaries, such as broker-dealers and investment banks, across borders. Po is also the senior director and head of the Intermediaries Supervision Department of the Securities and Futures Commission of Hong Kong, where he oversees on-site inspections of financial services to help identify and manage market risk and formulates and implements anti-money laundering measures for the securities and futures industry. Po is an accountant who holds advanced degrees in business administration.

Following Po’s speech, the FPSB Council developed strategies for FPSB based on recommendations made during FPSB’s World Financial Planning Summit in April 2010 to advance the financial planning profession. The FPSB Council is comprised of delegations from each of the 23 organizational members of FPSB and acts as an advisory and consulting body to FPSB’s Board of Directors and administers the CFP certification program around the world.

As an international standards-setting body, FPSB works in conjunction with its members to develop and promote rigorous international competency, ethics and practice standards for the financial planning profession. For more information on FPSB’s global standards, visit www.fpsb.org. To view the World Financial Planning Summit recommendations, click here.

About FPSB
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. Territories where FPSB has a non-profit member organization include: Australia, Austria, Brazil, Canada, Chinese Taipei, France, Germany, Hong Kong, India, Indonesia, Ireland, Japan, Malaysia, New Zealand, the Netherlands, the People’s Republic of China, the Republic of Korea, Singapore, South Africa, Switzerland, Thailand, the United Kingdom and the United States. There are over 126,000 CFP professionals worldwide. For more, follow the organization at twitter.com/fpsb or facebook.com/fpsb1.

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