www.fpi.co.za - Financial Planning Institute
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www.fpi.co.za
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MORE ABOUT FPIPage 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.
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MORE ABOUT FPICORE 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.
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MORE ABOUT FPIThe 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.
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MORE ABOUT FPIFPI 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
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MORE ABOUT FPI7. 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
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MORE ABOUT FPIOBJECT 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 FPILONG-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.
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MORE ABOUT FPIMEDIUM 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.
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MORE ABOUT FPIPage 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
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