Financial Planning Corporation (India) Pvt. Ltd. (FPCIL), established by Financial Planning Standards Board India (FPSB India) today launched the Professional Certification Standards for Financial Planning and Advisory Services Organizations. The objective of this certification, which is a first-of-its-kind in the world, is to create quality standards and benchmarks across the Financial Advisory services. These would help financial consumers immensely in choosing the right financial intermediary to achieve their long term financial goals based on professional and scientific analysis. The financial advisory industry would also be suitably stratified by a yardstick which measures several parameters such as Approach to Financial Planning Process, Policy on Investors’ interest, Quality of Service, Systems and Processes, Governance, Risk Management, Resources and Infrastructure, etc. The Certification Standards is expected to professionalize the financial advisory industry by institutionalizing and establishing competency levels from Level 1 to Level 5 (Level 5 denotes the highest maturity level) for the organization based on the established parameters which are scientifically measured and tested. The benchmarks would also serve as key differentiators in the competition, which is expected to evolve and further benefit financial consumers. The Model is supported by M/s. BDO Consulting Private Limited and M/s. Morison Vasudeva Consulting Private Limited as Knowledge Partners.
On the occasion of the launch, Mr. Prashant Saran, Whole Time member, Securities and Exchange Board of India (SEBI)said;We Congratulate FPCIL for initiating the Professional Certification Standards for Financial Planning and Advisory Services Organization. The main aim is overall Financial Well Being of the Consumer.
At the Launch, Mr. G. Prabhakara, Member (Life), Insurance Regulatory and Development Authority (IRDA) said; This is a proactive measure to develop Professional Certification Standards for Financial Planning and Advisory Services Organizations, provided it is feasible and worthwhile. It is important to give confidence to consumers through self regulation and accreditation. The initiative towards certification standards is a significant milestone to keep the efforts of financial advisors on a high pedestal.
At the Launch, Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India (RBI) said; There is need for a consumer focused wealth management and that is where, across the globe, Financial Planning is assuming great significance. Constructing, Executing and Monitoring the portfolio is an onerous task where customer must be in focus. We need to create an ecosystem where customer is at the centre and the risk-return matrix is mapped to his interest.
The Certification Standards would be available from September, 2011 onwards. Financial Planning Corporation (India) Pvt. Ltd (FPCIL) was established by Financial Planning Standards Board India (FPSB India) along with BNP Paribas SA, SBI, and Tata AIG Life Insurance Co. Ltd, essentially to undertake education activities in the Financial Planning segment. Globally, many leading financial service institutions are coming together to establish Financial Planning as a profession, and setting up standards in the discipline. FPSB India has been set up to achieve the same. The key ob-jective for FPSB India to promote FPCIL has been to augment and enhance the scalability and quality of Financial Planning education across the financial advisory spectrum. FPCIL shall continue various initiatives including knowledge workshops, seminars and publications. FPCIL aims to create new horizons based on collective and shared vision with all the stakeholders. It shall aim to create new benchmarks for quality and performance in meeting its goals.
http://apnnews.com/2011/08/18/financial-planning-corporation/
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