Keynote Address at FPAMFLY 2020 eLAUNCH

25 June 2020 | By: Chee Fei Meng, General Counsel, Securities Commission Malaysia

Keynote Address
by
Chee Fei Meng
General Counsel
Securities Commission Malaysia
Co-Chair, High-Level Inter-Agency Steering Committee

Financial Education Network

Salutation Mr Ismitz Matthew De Alwis, President of Financial Planning Association of Malaysia (FPAM), FPAM Board of Governors Ms. Linnet Lee, CEO of FPAM Mr Nicholas Chu, Organizing Chairman of FPAM Financial Literacy Year 2020, Members of the Media, Distinguished Guests, Ladies and Gentlemen A very good morning.
Introduction
1.	It gives me great pleasure to be invited to deliver the keynote address and launch the FPAM Financial Literacy Year 2020 and FPAM's Consumer Survey on "The Value of Financial Planning".
2.	FPAM's Financial Literacy Year 2020 resonates closely with the Financial Education Network (FEN) National Strategy For Financial Literacy 2019 - 2023 which was launched in July last year and aims to raise the overall financial literacy of Malaysians and promote responsible financial behaviour.
3.	On behalf of FEN, I wish to thank FPAM for carrying out initiatives in line with the National Strategy.
4.	FPAM's initiative is also timely in light of the current economic uncertainties following the COVID-19 crisis. It is therefore crucial for financial planners to step up and help investors and consumers navigate their personal finances and investments.
Ladies and gentlemen,
Ensuring Growth and Development of the Financial Planning Industry
5.	The financial planning industry continues to be an essential segment under the SC's purview. Financial planners play a vital role in providing professional advice to investors. This is a key component in our agenda of empowering investors and access to quality advice.
6.	The SC has continuously collaborated with the financial planning industry. This has been done through a series of dialogues and working groups to enhance and create a conducive environment.
7.	A recent effort is the joint action plan initiated by the SC. This is a collaboration between the SC and the four financial planning associations including FPAM, together with an industry expert.
8.	The joint action plan enlists five strategic priorities which includes 'empowering consumers'. Under this initiative, the key strategy is to ensure enhancement of investor's access to financial planning.
9.	These current efforts are a follow-through from the SC's previous 3-year action plan (2015 to 2018). These have positively shaped the financial planning industry.
10.	I am also pleased to update that as at end 2019, financial planning representatives have grown by 37% since 2017. This demonstrates encouraging industry growth in an increasingly competitive environment.
InvestSmart^®
Ladies and gentlemen,
11.	Since 2014, InvestSmart® has been the SC's investor empowerment platform, leading investor education efforts and raising awareness on capital market products and services.
12.	InvestSmart® works closely with the financial planning associations to promote the importance of financial planning.
13.	On this I am happy to note that since 2017, FPAM have been instrumental in supporting InvestSmart®'s annual flagship event "InvestSmart® Fest". Over 1,200 individuals have benefitted from the free consultations by licensed financial planners at the #FinPlan4U financial services desk. We hope that this collaboration will continue for years to come.
14.	Recognising the potential rise in scams during the current Covid-19 crisis, InvestSmart® has implemented several initiatives to spread anti-scam awareness messages to members of the public. This was done through TV campaigns, social media platforms and our websites.
15.	We therefore urge the financial planning industry to spread the anti-scam message to the public. Please feel free to share and re-tweet our InvestSmart® postings.
Ladies and gentlemen, FPAM's Consumer Survey – The Value of Financial Planning
16.	I read with interest, FPAM's consumer survey on "The Value of Financial Planning". It provides great insights which could help stakeholders and regulators strategize their delivery of financial literacy initiatives and enhance policies for investor protection.
17.	I am pleased to note that our collective efforts on financial planning have produced positive outcomes. The public are now more aware that financial planners are required to be licensed by the SC and to check their licensing status.
Conclusion
18.	The COVID-19 crisis has shown Malaysians, the importance of having a sound financial plan. As such, the financial industry has a big role to play to elevate financial literacy and to cultivate good financial management behaviour among Malaysians.
19.	With the on-going development initiatives on financial planning, we hope to see the industry becoming more robust and vibrant with greater awareness on financial literacy.
20.	On that note, I hereby launch the FPAM Financial Literacy Year 2020 and the FPAM Consumer Survey. Congratulations and I wish you all the best. Thank you FPAM once again for graciously inviting me to speak today.

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