Who is AFA?
The Association of Financial Advisers (AFA) is an association to represent the Approved Financial Advisers Firms and Licensed Financial Planning Firms in Malaysia.
AFA was approved by the Registrar of Societies on 16th August 2012 with the support from Bank Negara Malaysia (BNM) and Securities Commission of Malaysia (SC).
What does AFA do?
AFA is an official association recognised by the regulators to benchmark the industry best practice model and also to spearhead the changes in the Malaysian financial planning landscape.
Who are Licensed Financial Adviser’s Representatives?
A Licensed Financial Planner is a professional who represents the financial planning company. Both company and the Financial Planner are regulated by the Securities Commission.
What should I do if I received an unsolicited call to purchase an insurance product?
You should find out where is the person calling from, the company that he/she represents and whether he/she is an agent or a Bank Negara Malaysia (BNM) approved Financial Adviser Representative (FAR).
Qualification for Financial Adviser Representatives (FAR)
Apart from the Registered Financial Planner (RFP) qualification as conferred by the Malaysian Financial Planning Council (MFPC), the Certified Financial Planner (CFP) as conferred by the Financial Planning Association of Malaysia (FPAM) will also be one of the recognised qualifications for FAR.
How are Financial Adviser’s Representatives Remunerated?
If a Financial Adviser’s Representative (FAR) charges you a fee, they must disclose the details of the charges at the outset.
If a FAR intends to receive commission on insurance products sold on behalf of the insurance company, they will also have to disclose the amount of commission they receive as well.