Thorough Review Of Financial Intermediary Industry Underway - Bnm

KUALA LUMPUR, May 16 (Bernama) -- A more comprehensive review of the financial intermediary industry is being undertaken, said Bank Negara Malaysia (BNM) assistant governor Dr Norhana Endut.

She said BNM and the Security Commission Malaysia are looking into opportunities to streamline regulations for financial planners and advisers. 

“Such collaborative efforts have been highlighted in the central bank’s Financial Sector Blueprint and the Securities Commission Capital Market Masterplan 3,” Norhana said at the Malaysian Financial Planning Council (MFPC) 20th-anniversary luncheon here today.

She said enhancing the financial education level of individuals and households remains the key strategy to encourage responsible and effective usage of financial services. 

“Together with other partners on the financial education network, we acknowledge MFPC’s contribution towards enhancing public knowledge and awareness via the ‘My Money and Me’ financial literacy programme.

“The robustness of MFPC’s financial education programmes is affirmed by the stream of awards and accolades that it has received throughout the years,” Norhana said.

She also said that at the end of 2023, there were over 1,400 financial planners and 1,500 financial advisers in Malaysia.

“To a large extent, the growing number of qualified financial planners and advisers have contributed towards the growth of new businesses of the life insurance and family takaful sector, which grew by a compound annual growth rate of 8.6 per cent for the period of 2018 to 2023,” Norhana said.

Meanwhile, MFPC president Ng Yen Heng said the council’s commitment to excellence remained steadfast following the launch of the Modular Certification Title and the Shariah Capstone Programme which underscored MFPC’s dedication to providing flexible, specialised learning pathways for financial professionals.

“The landscape of financial planning is constantly evolving, presenting us with new opportunities and challenges. To navigate these, we have developed a comprehensive three-year strategic plan with targets to propel MFPC to greater heights.

“Our strategic plan anchored three strategic pillars, namely presence of professionals, influence and branding, and community,” he said.

Ng said MFPC is also embarking on a blended-learning strategy augmented with enriched self-paced e-learning modules, providing its members with the flexibility to learn at their own pace.

During the luncheon, MFPC also signed memorandums of understanding with nine financial institutions to collaborate in terms of increasing the industry’s performance and growth.

Among the institutions are the Association of Islamic Banking and Financial Institutions Malaysia, Islamic Banking and Finance Institute Malaysia and the Malaysian Takaful Association.

— BERNAMA