www.fpi.co.za - Financial Planning Institute

Page created by Edna Vasquez
 
CONTINUE READING
www.fpi.co.za - Financial Planning Institute
www.fpi.co.za

                                 Page 1 of 12
                MORE ABOUT FPI
Page 2 of 12
MORE ABOUT FPI
FPI VISION AND MISSION

VISION
Professional financial planning for all.

MISSION
The FPI’s mission is to advance and promote the pre-eminence and status of financial planning
and advice professionals, while at all times acting in the interests of the society (community,
constituency) whom the profession serves, by:

      1.   Improving the quality and accessibility of professional financial planning and advice
           for all in Southern Africa;

      2.   Acting as advocate for professional financial planning, building a recognition of the
           importance and need for such planning and advice by the general public;

      3.   Providing a framework within which members can achieve qualifications and maintain
           competence to create greater value for their clients, practices and employers;

      4.   Ensuring that members maintain the highest ethical standards in the pursuance of
           their profession;

      5.   Taking a leadership role within financial services by providing balanced, credible input
           and commentary to government and the public and

      6.   Facilitating diversity and inclusion within the financial planning profession.

                                                                                            Page 3 of 12
                                             MORE ABOUT FPI
CORE VALUES

                                                                                     Confidentiality
             Client First                      Competence
                                                                                  information that we
          Acting in the best               We believe in upskilling
                                                                                    hold on behalf of
        interest of our clients                   our staff
                                                                                 members is protected

                                                  Fairness                               Integrity
             Diligence
                                           We treat others how we                   Always be honest,
        We take pride in what
                                              would like to be                        consistent and
             we deliver
                                                  treated                              transparent

                                                                 Professionalism
                               Objectivity
                                                               We are excellent at
                           We avoid all possible
                                                              everything that we set
                           conflicts of interest
                                                                    out to do

                                                   ABOUT FPI

FPI as a Non-Profit Company (NPC)

FPI is a Non-Profit Company (NPC) membership base organisation that is tax exempt in terms of
section 30B of the Income Tax Act, No 58 of 1962. As per the Memorandum of Incorporation (MOI),
the FPI Board is empowered to take whatever steps necessary to ensure that FPI continues to
comply with the requirements set out in the mentioned section.

    •   Section 30B of the Act, essentially sets out the requirements that the FPI must comply with
        in order to receive approval from SARS as a tax-exempt organisation.
    •   Section 30B(2)(b)(ix) of the Act specifically requires that in order to be approved as a tax
        exempt association in terms of s10(1)(d)(iv)(bb)1, read with s30B, the founding document of
        the organisation (MOI) must provide that “substantially the whole of the entity’s funding
        must be derived from its annual, or other long term members or from an appropriation by
        the Government of the Republic in the national, provincial or local sphere”.
    •   While “substantially the whole” is not explicitly defined in the Act, it is a well-accepted
        principle that it means 85% or more.

1
 Section 10(1)(d)(iv)(bb) of the Income Tax Act provides for the exemption of the receipts and accruals of any company,
society or other association of persons established to promote the common interests of persons (being members of the
FPI) carrying on any particular kind of business, profession or occupation which has been approved by the Commissioner
of SARS under s30B of the Act.

                                                                                                            Page 4 of 12
                                                  MORE ABOUT FPI
The main purpose of FPI as an NPC is to serve the public by setting standards for financial
planning and financial advice and to promote the interests of FPI’s members.

FPI is an affiliate of the Financial Planning Standards Board (FPSB)

The FPSB is an independent organisation that oversees CFP certification internationally and achieves
its mission to build the financial planning profession around the world via its affiliates that includes
the world’s pre-eminent financial planning certification, membership and professional bodies.
These affiliates are the official licence holders of the CFP mark in their territories.

FPI is the official licence holder of the internationally recognised CFP® professional designation in
South Africa.

CFP® CERTIFIED FINANCIAL PLANNER® and            are trademarks owned outside the U.S. by Financial
Planning Standards Board Ltd. FPI is the marks licensing authority for the CFP® marks in South Africa
through an agreement with FPSB. The relationship between the FPSB and FPI is governed via an
affiliation and licence agreement.

FPI as a South African Qualifications Authority (SAQA) Recognised
Professional Body

SAQA is the qualifications authority in South Africa and its main functions are set out in the National
Qualifications Framework Act 67 of 2008. One of SAQA’s main functions is to recognise professional
bodies in South Africa in accordance with the Policy and Criteria for the Recognition of Professional
Bodies and the Registration of Professional Designations.

FPI was recognised as a SAQA professional body during 2012. FPI’s designations being the CFP®,
FSA™ and RFP™ professional designations are all SAQA Registered designations and recorded on the
National Learner Record Database (NLRD).

As a SAQA recognised professional body the FPI must adhere to the objectives of the NQF act which
are to:

   (a) Create a single integrated national framework for learning achievements;
   (b) facilitate access to, and mobility and progression within, education, training and career
       path’s;
   (c) enhance the quality of education and training;
   (d) accelerate the retrace of post unfair discrimination in education, training and employment
       opportunities.

                                                                                            Page 5 of 12
                                           MORE ABOUT FPI
FPI as a Recognised Controlling Body (RCB) of the South African Revenue
Services

SARS is South Africa’s tax collecting authority as established via the South African Revenue Service
Act 34 of 1997 and is responsible for administering the South African tax system and customs
service. They further more regulate and co-regulate tax practitioners with the assistance of
Recognised Controlling Bodies.

FPI was approved as an RCB of SARS during 2017 in terms of section 240A of the Tax Administration
Act 28 of 2011.

FPI’s approval by the South African Revenue Services (SARS) as the Recognised Controlling Body
(RCB) means that as an FPI designated member, who provides and performs tax administration
duties, you qualify to be registered with SARS as tax practitioner because you are a designated
member of FPI. The recognition also allows any tax practitioners, wishing to be registered with SARS
and meeting FPI’s professional membership requirements, to become an FPI designated member.

                                     STRUCTURE OF FPI

FPI Group consists of the Financial Planning Institute of Southern Africa NPC (FPI) and Centre for
Professional Development (Pty) Ltd (the Centre).

FPI has thirteen (13) board members of which five (5) are appointed non-executive directors, six (6)
are elected non-executive directors and two (2) are executive directors. In addition, FPI has an
appointed alternative director. FPI also has an officially appointed company secretary.

The Centre has three (3) directors - two (2) executive directors (FPI staff) and one non-executive
director.

FPI has the following board committees:

   1.   FPI board, incorporating its strategy committee;
   2.   Centre for Professional Development Board;
   3.   Audit and Risk committee;
   4.   Human capital committee (old Remuneration committee);
   5.   Nominations and Compliance Review committee;
   6.   Advocacy committee
   7.   Conduct and ethics committee (old Disciplinary committee expanded) and
   8.   FPI board regional working group committee

Directors also have the following portfolios that sits within the board committees:

   1.   Chairperson of the board
   2.   Chairperson elect
   3.   Legal and IP protection
   4.   Robo tech/ FPtech
   5.   Professional development and education
   6.   Consumer education

                                                                                          Page 6 of 12
                                          MORE ABOUT FPI
7. Professional conduct and standards
  8. Employee wellness and the office
  9. Inclusion and development of young professionals
  10. IT governance
  11. FPI Group (property and investments)
  12. Fund raising
  13. Regional visibility

                                     BRIEF COMPANY HISTORY

        1980
                                1998                    2000                 2012                   2017
                         ILPA affiliated with                          FPI becomes a SAQA    FPI becomes a SARS
 Institute of Life and      CFP Board of                                    Recognised      Recognised Controlling
                                                 ILPA's name changed
   Pension advisors       Standards in USA                              Professional Body           Body
                                                         to FPI
(ILPA) was formed on
    26 May 1980

                                                                                                 Page 7 of 12
                                                MORE ABOUT FPI
OBJECT AND BUSINESS OF FPI2

The main object and business of FPI is to benefit the public and its stakeholders by being a
professional body that:

      •    Offers tiered recognition, certification and membership to the Financial Planning Profession;
      •    Provides members with a network through which they can share knowledge, skill and
           experience, both nationally and internationally;
      •    Provides members with a professional identity and affords designations in recognition and
           promotion of such professional identity;
      •    Promotes the Financial Planning Profession;
      •    Improves the quality and accessibility of professional financial planning to the public in
           Southern Africa;
      •    Acts as advocate for professional financial planning and building a recognition of the
           importance and need for such planning by the general public;
      •    Establishes a framework within which members can achieve qualifications and maintain
           competence to create greater value for their clients, practices and employers;
      •    Adopts membership regulations to ensure that members maintain the highest ethical
           standards in the pursuance of their profession;
      •    Sets, promotes and enforces appropriate standards of competence among members and
           establishes measures to retain such standards of competence;
      •    Facilitates Continuous Professional Development for members and members of other
           professions and, where applicable, to charge reasonable fees to persons attending such
           events;
      •    Insists upon adherence to the FPI Code of Ethics and Practise Standards on the part of
           members and to preserve and maintain the integrity and status of financial planning
           professionals and, for this purpose, to:
               o Take such steps which may be thought necessary to prevent dishonourable conduct
                   and practices by members;
               o Hold enquiries into the conduct of members; and
               o Take disciplinary action against members and impose such penalties as may be
                   appropriate, including termination of their membership and expulsion from FPI;
      •    Maintains and from time to time publishes a list of members;
      •    Co-operates with and, if necessary, assist financially by way of grants or otherwise, those
           universities, societies and associations that provide education and training for persons
           wishing to obtain qualifications in the Industry;
      •    Participates in the creation and revision of programmes in support of diversity and inclusion
           in the Industry;
      •    Considers and passes comment on actual or draft legislation, policies, rules, directives or
           practices in the Republic of South Africa or elsewhere affecting the Industry and Financial
           Planning and advice Profession;
      •    Represents the Financial Planning and Advice Profession in submissions to Government,
           Parliament, regulatory authorities and all other relevant institutions;
      •    Advances the public’s knowledge and understanding of Financial Planning and Advice;
      •    Disseminates information concerning the work of FPI to all stakeholders

2
    Extracts from FPI’s memorandum of Incorporation (MOI) and additional objectives

                                                                                             Page 8 of 12
                                                    MORE ABOUT FPI
LONG-TERM STRATEGIC GOALS (Vision 2025: Strategic pillars & outcomes)

                                           Leadership (25%)
     FPI is the pre-eminent financial planning and advisory standards authority for competent and
              ethical financial planners and advisors. CFP® certification and all of FPI’s designations
    represent the standard of excellence for financial planners and their respective disciplines in
                                               South Africa.

                                           Awareness (15%)
             The public is widely aware of the value of the financial planning process and of CFP®
                    certification and financial advice related designations.

                                           Recognition (30%)
                     Financial Planning is recognised as a profession. FPI is recognised by
            regulation/legislation as the standards setting body for professional financial planning
                                              and advice.

                                            Standards (30%)
             FPI has established standards of excellence for financial planning and advice and
            members are in full compliance with our certification programme standards.

                                                                                               Page 9 of 12
                                       MORE ABOUT FPI
MEDIUM TERM STRATEGIC FRAMEWORK 2020-2022 (LARS)

Pillar                    Strategic objectives
                          L1
                          FPI Leads the financial planning profession and professional advice space through
                          articulation and implementation of a robust and well-defined strategy.
Awareness Leadership

                          L2
                          Secure organisational sustainability (GCR, financial, operational excellence and FPI’s
                          B-BBEE level)
                          L3
                          Lead diversity and inclusion in the financial planning and advice profession.

                          L4
                          Grow the number professional membership

                          A1
                          Empower consumers by creating awareness of the benefit of professional financial
                          planning and advice through financial education and a pro bono program fully
                          supported by members

                          A2
                          The value of professional planning is showcased to consumers through:
                             • a brand ambassador program and
                             • media engagement.
                          R1
                          Achieve regulatory/legislative recognition and protection of financial planning as a
Standards Recognition

                          profession and FPI as the standards setting body for the profession.

                          R2
                          FPI designations, and in particular the CFP® are must-have designations for consumers
                          of financial planning and advice.

                          R3
                          FPI designations are recognised by employers as must-have designations for
                          employees.
                          S1
                          Establish and enforce pre-eminent standards for practicing financial planning and
                          financial advice.
                          S2
                          Establish, maintain, enforce and uphold world class professional standards and
                          certification requirements for FPI designations.
                          S3
                          Establish, maintain and uphold world class professional body standards.

                                                                                                   Page 10 of 12
                                                    MORE ABOUT FPI
Page 11 of 12
MORE ABOUT FPI
FINANCIAL PLANNING INSTITUTE OF SOUTHERN AFRICA NPC
84 Sophia Street (Cnr. 11th Avenue),
Fairland, Johannesburg,
2170
PO Box 6493, Weltevredenpark, 1715
Tel: (011) 470-6000
www.fpi.co.za

                                                        Page 12 of 12
                                       MORE ABOUT FPI
You can also read