Dear Certified Members,
Resolution 1: Rectification of ROS Records of FPAM Constitution
ROS has written to inform FPAM that in their records of the FPAM Constitution, there are mandatory clauses that were mislaid despite being existing clauses. After much deliberation, ROS has advised FPAM to table the said clauses for rectifications and that these clauses to be duly incorporated in Constitution for them to correct their records accordingly.
The clauses not presented in ROS Records are as follows:
|Clause 6 General Meeting||Clauses 6.3 to 6.11|
|Clause 7 Voting and Holding Offices||Clauses 7.1 to 7.4|
|Clause 8 Officer of the Association||Clauses 8.1 to 8.22|
|Clause 9 Duties of Office Bearers||Clause 9.4 to 9.5|
|Clause 10 Secretariat||Clause 10.1|
|Clause 12 Chapters||Clauses 12.1 to 12.6|
|Clause 13 Disclosure of Interest||Clauses 13.1 to13.3|
|Clause 14 Indemnity||Clauses 14.1|
|Clause 15 Financial Provision||Clauses 15.4 to 15.7|
We seek certified members concurrence on the above.
Resolution 2: Operations of BOG Clauses 8.7-8.13
Culminating from months of engagement with Securities Commission Malaysia (SC) via the Financial Planning Industry Working Groups under its Joint Action Plan, the Honorable SC Chairman at the launched of 2020 Symposium and MFPYA Awards, has announced that the direction moving forward for the financial planning industry would include widening of the scope of services of LFPs subject to obtaining relevant competency. In short, the industry or specifically Licensed Financial Planner will soon be able to further expand the products under advisory.
As your ever-evolving Association to meet current demands, we also need to ensure that we can remain relevant. We will need to continue in ensuring orderly practice and risk management to support the expanded services, professional standards are being harmonized by all financial planning to build a strong foundation in best practices both at the firm and individual level and manage risk better.
This Resolution is expected to further streamline and complement the strategic direction of FPAM. The proposed resolution will outline the parameters of the Board and Secretariat activities in accordance with FPAM’s sustainability goals and growth objectives. We are introducing Clause 8.7-8.13 to be further enhanced by the following 3 more defined pillars. Details are found in the AGM Agenda which was emailed out to all Certified Members on 17.10.2020 and subsequently posted on our website.
All this is necessary as we move into the next phase of growth in our industry and to be inline with regulators and industry stakeholders. This is expected to create better focus and better opportunities for participation amongst our members. Also, it will have clearer key deliverables within each workgroup which are supported by the Secretariat.
Certification & Exams
Financial Literacy Programmes
I fervently hope with the enhancement above, there will be strong alignment with the growth and sustainability of our industry-leading to better transparency and governance of FPAM. Also, that FPAM maintains its thought leadership role and continuing at the forefront of our Member’s interest, that is you.
As such your Board of Governors seeks your support and vote in confidence favoring both resolutions during the AGM. We will require 2/3 votes in favor to carry the said resolutions.
Ismitz Matthew De Alwiss