Following the recent announcement by the Financial Sector Conduct Authority (FSCA) to suspend FPI’s authority to conduct FAIS regulatory examinations, the FPI Board announced that it has temporarily withdrawn its status as an examination body for FAIS regulatory examinations.
The withdrawal purely relates to the administration of FAIS regulatory examinations (RE1 and RE5).
“In light of the fact that the fraud was detected for the second time, the FPI Board has in the interim resolved to temporarily discontinue to act as an examination body for FAIS regulatory exams. The withdrawal will remain in place until such time the Institute is confident that it is in a better position to engage the FSCA and seek accreditation from the FSCA as an examination body,” said Adv Ntai Phoofolo, CFP®, Chairperson of FPI Board of Directors.
FPI, as a recognised professional body, will continue being South Africa’s pre-eminent institution that offers financial planners with certification programmes and Professional Competency Examinations (PCEs) to attain professional designations such as the FINANCIAL SERVICES ADVISORTM/FSATM credential and the globally recognised CERTIFIED FINANCIAL PLANNER®/CFP® designation.
“Given the recent experience, the Board believes that more work is needed to tighten FPI’s controls, a project that will also require a complete overhaul of FPI’s systems,” said Phoofolo.
Phoofolo said FPI was committed to its mandate of always striving for the highest ethical standards to protect the integrity of the financial planning profession and the financial services industry as a whole.