Financial Planning Institute

The Financial Planning Institute (fpi) is the leading, independent representative body of professional financial planners that ensures South Africans have access to competent financial planning.

Professionalism in financial planning rests on competence and ethics. As the custodian of the profession, the fpi is uncompromising in establishing and maintaining professional financial planning standards, ensuring that members remain competent and ethical to retain their professional status.

The fpi was originally formed in 1982 as the Institute of Life and Pension Advisors (ILPA) to improve levels of professionalism. To ensure that financial planners in South Africa met international standards, in 1998 the fpi affiliated with the Certified Financial Planner Board of Standards Inc. in the United States, and in April 2000 adopted its new name to more accurately reflect its role as the custodian of competency and ethical standards.

What does the fpi offer?

Serving both the financial services industry and its clients, the fpi provides an independent quality assurance process, ensuring that appropriate educational standards are maintained for financial advisers and planners, while ensuring that ethical and practice standards keep pace with the needs of the South African consumer.

This supports the ideals of the government's financial industry regulator, the Financial Services Board; in ensuring the South African consumer is served professionally by competent and ethical advisers.

Uncompromising membership standards

Once the member has met with the education and experience requirements, the following additional requirements need to be satisfied:

 

> Meet with the "fit and proper" requirements, i.e. have a clean record in terms of ethical conduct.

 

> Abide by the Institute's code of conduct and General Accepted Planning Practice (GAPP), the most comprehensive set of requirements for any financial adviser or planner. Details are available on the fpi's website and include:

 

> Maintaining a high level of knowledge and skill and providing advice according to competence and professional standards.

 

> Acting with integrity and professionalism and providing services / products that best satisfy client needs.

 

> Supporting the financial services industry ombudsmen and promoting good relations between members and the industry.

 

> Abiding by not only the letter but also the spirit of the law in terms of the fpi's code of conduct and GAPP.

 

Maintaining a professional designation

The professional designations issued by the fpi convey more than a "qualification", as they indicate that the individual is currently competent to practise.

Membership of the Institute and the right to use its professional designations is subject to annual maintenance. Members need to annually fulfil the Institute's requirements, as set out above.