1. Let me start by thanking the organisers for the invitation to the SC to be part of this important event this morning. The launch of the Financial Planning Firm Operating Standards (FOS) marks a significant and timely milestone in the evolution of Malaysia’s financial planning industry—an industry that has demonstrated consistent growth over the years. Over the past decade, substantial progress has been made, and today’s event underscores our collective commitment to advancing the industry to new heights.
2. The capital market has made commendable progress in broadening access to investments and services to average Malaysians. This represents one of the important objectives of SC’s twin mandate of developing and regulating the market. In the early 2000s, fewer than 10% of Malaysians were actively participating in the capital market. The figure has risen significantly in the 32 years since the SC has been in existence as a result of strong partnership between SC and capital market stakeholders.
3. In the unit trust industry alone, the 13 million unique individual investors represent more than 75% of the labour force and close to 50% of the Malaysian population; and reflects increased financial awareness, broader access to products, and growing confidence in the market despite market volatility, that is part of market cycles.
4. At the SC, we recognise that investing is a critical tool for wealth creation and long-term financial stability. Financial planners play a central role in this journey — helping individuals manage their financial affairs, plan for their future and make informed investment decisions. Another matter that occupies much of our time at the SC is that this access to financial planning services and the wider capital market should not be a privilege reserved for high-net-worth individuals. It must be extended to the broader population, particularly underserved communities, who often are in need of the most guidance to manage financial security.
5. While the number of licensed financial planning representatives has grown more than two and a half times over the past decade, demand for advice and personalised guidance is expected to rise even further as Malaysia transitions into a high-income nation. In this regard, the industry needs to scale up responsibly — expanding its reach while raising the bar on professionalism, transparency, and service quality to meet the evolving needs of a more diverse client base.
6. The FOS can be the bedrock upon which the industry grows — not only in quantity, through more firms and the representatives — but also crucially in quality, by promoting greater professionalism, better governance, and more consistent standards of client care.
   
   
   

10. For financial planning to be truly effective, it must also be understood and trusted — and this is where education plays a vital role. The financial planning industry must take a proactive role in advancing financial literacy, equipping Malaysians with the knowledge and confidence to make informed decisions. Education should not stand apart from advice; it must be practical, relevant, and tied to real-life financial goals.
11. Investors need a clear, relatable understanding of why and how to invest. Financial planners are uniquely placed to provide this — offering guidance that is both personalised and empowering, across every stage of life.
    
    

Trust: The Cornerstone of Meaningful Client Relationships
Ladies and gentlemen,

12. As the financial planning industry grows in scale and significance, its long-term credibility will hinge not only on technical capability, but also on the values and conduct that guide its practices. At the heart of every meaningful client relationship lies trust — and that trust must be earned through professionalism, consistency, and ethical behaviour. Trust is shaped by the way firms operate, the systems they adopt, and the standards of conduct they uphold.
    
    My belief is that process shapes behaviour and behaviour shapes culture.
13. This is precisely what the FOS aims to enable — a structured and practical framework to help firms embed good conduct, sound governance, and professionalism into their organisational DNA. When firms implement clear processes, uphold shared values, and empower their teams to do the right thing, they create a culture where trust is not just promised — it is experienced.
14. The FOS provides structured guidance across the core pillars of a financial planning firm’s operations — from governance and compliance to client relationship management, service delivery, and human capital development. It is designed to support firms at every stage of their growth — whether just starting out or looking to strengthen and refine existing practices.
15. For newer firms, the FOS offers a practical roadmap to navigate the challenges of setting up a business — helping to lay a strong operational foundation from day one. For more established firms, it serves as a valuable benchmarking tool to assess current practices and raise performance in line with evolving expectations and best-in-class standards.
    
    

A Shared Vision for Sustainable and Professional Practice
Ladies and gentlemen

16. Collectively we intend to raise the bar of professionalism, promote consistency, and build lasting trust in financial planning services in Malaysia.
17. By setting out a clear framework of best practices, the FOS enhances the credibility and reliability of financial planning firms leading towards greater confidence, strengthening loyalty and improving satisfaction — while also attracting clients who value transparency, ethical conduct, and high-quality service.
18. The industry can embrace a culture of continuous improvement, where FPs invest in systems, and in upholding high standards of practice. This not only elevates service delivery but also enables greater innovation, adaptability, and long-term competitiveness within the industry.