Holding Statement: FSCA halts Regulatory Examination Administered by FPI
14 June 2018, Johannesburg: The Financial Services Conduct Authority (FSCA) has launched a full-scale investigation in the Financial Planning Institutes (FPI) Examination Body Department. To affirm the commitment to the mission of ethical standards in the financial services industry that put the interests of consumers first, the Financial Planning Institute (FPI) supports the decision to suspend all examinations conducted at the FPI Examination Body in the process of the investigations.
All affected candidates will be reverted to the Exam Body Moonstone effective immediately. There will be no disruptions to the dates or the venues of the examinations. Moonstone will communicate directly with all candidates regarding any details pertaining to the regulatory exam.
FPI is fully co-operating with the Financial Services Conduct Authority (FSCA) and respective authorities to help further their respective investigations. Where misconduct is established the appropriate regulatory 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 ringfenced from the other aspects of its business from a membership and certification perspective and will continue to serve their members accordingly.
Stephanie Pillay, Chief Operating Officer
Financial Planning Institute
T: (011) 470 6112