Financial Planning Standards Board India
Encyclopedia
Financial Planning Standards Board (FPSB) India is a Public – Private Enterprise
Capitalism
Capitalism is an economic system that became dominant in the Western world following the demise of feudalism. There is no consensus on the precise definition nor on how the term should be used as a historical category...

 and a Professional Standards Setting body based in Mumbai
Mumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...

. It proactively guides the development and promotion of standards for Financial Planning professionals to benefit and protect the public in the country. FPSB India closely works with all the stakeholders’ viz. the Government, the Regulators, the Industries/Associations, the Corporate, the Media and the General Public to achieve its objectives. It is a Professional Membership & Certification organization-part of leading Global Confederation established by prominent financial service corporations with an objective to professionalize the concept of Financial Planning in India.

As a professional Self-Regulatory Organization
Self-regulatory organization
A self-regulatory organization is an organization that exercises some degree of regulatory authority over an industry or profession. The regulatory authority could be applied in addition to some form of government regulation, or it could fill the vacuum of an absence of government oversight and...

, FPSB India promotes and maintains voluntary standards of profession
Profession
A profession is a vocation founded upon specialized educational training, the purpose of which is to supply disinterested counsel and service to others, for a direct and definite compensation, wholly apart from expectation of other business gain....

alism including Education, Examination, work Experience and Ethics requirements and will continue to co-operate the Government, Regulators and other agencies to appropriately, effectively and uniformly regulate personal Financial Planning practitioners.

FPSB India is based on Self Regulatory Mechanism, which is reflected by virtue of its Code of Ethics & Rules of Professional Conduct, which is mandated for all its members. Consistent with development in other countries FPSB India will attempt to ensure that Financial Planning Certificants in India meet Competency and Ethics standards which are based on a platform of Education, Examination, Experience and Ethics requirements (the 4Es). Financial Planning Standards Board India is marks licensing authority for the CFP marks in India, through an Affiliate Agreement with FPSB Denver, USA. The other peer countries are Australia, Austria, Belgium Brazil, Canada, China, China Taipei, France, Germany, Hongkong, Indonesia, Japan, Malaysia, New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...

, Republic of Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...

 Singapore, South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...

, Switzerland, United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...

 and United States of America

There is a crying need to establish professional Financial Planning standards, inculcate financial literacy
Financial literacy
Financial literacy is the ability to understand finance. More specifically, it refers to the set of skills and knowledge that allows an individual to make informed and effective decisions through their understanding of finances...

, and create suitable redressal mechanism for the investors in India, so that not only they can make responsible use of credit & money but can make informed financial decision that affect their family and future. Leading personal financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...

 establishments all over the world have been concerned about these issues as well: as this not only impacts the businesses of the corporations but also the credibility of the institutions - as it is largely a function of the professionalism demonstrated by its associates vis-à-vis their investors. Globally many leading personal financial services firms are coming together and attempting to professionalize the business of Financial Planning, and setting standards in the discipline. Currently in over 20 countries over 200 leading financial firms have joined hands towards this objective. In India – Financial Planning Standards Board (FPSB) India has been set up to achieve the same. Over 40 leading Financial Services firms have come together to promote FPSB India

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