FSCA halts Regulatory Examination administered by FPI  

14 June 2018: Johannesburg – The Financial Sector Conduct Authority (FSCA) has launched a full-scale investigation into the Financial Planning Institutes (FPI’s) Examination Body. To affirm its commitment to ethical standards in the financial services industry, with in phases on interests of consumers first, the FPI supports the decision to suspend all examinations conducted at the FPI Examination Body while investigations are underway.

All affected candidates will be diverted to Moonstone’s regulatory exam body effective immediately. There will be no disruptions to examination dates or venues. Moonstone will communicate directly with all candidates regarding any details pertaining to their regulatory exams (e.g. date or venue change due to administrative reasons beyond our control). 

The FPI is fully co-operating with the FSCA and respective authorities to help further their respective investigations. Where misconduct is established, appropriate action will be taken.

FPI takes this matter seriously as it casts significant doubt on the ability of the FPI Examination Body to protect and maintain the integrity of the financial services industry. The Institute also wishes to state that it is committed to protecting the integrity and credibility of the regulatory examinations. The FPI Examination Body activities are ring-fenced from the other aspects of the institute business, including FPI membership certification perspective. To this end the FPI will continue to serve its members accordingly.

Ends

Enquiries:
Stephanie Pillay, Chief Operating Officer
Financial Planning Institute
T: (011) 470 6112 
E: stephanie@fpi.co.za 

Media contacts:
Tsholofelo Dihutso CPRP, Communications and PR Manager 
Financial Planning Institute (FPI) 
T: (011) 470-6000
E: media@fpi.co.za

Kgomotso Moalusi 
Vuma Reputation Management
T: 087 941 3497 
E: kgomotso@vumareputation.com