MFPC, CMDF’s scholarship programme leads to capital market services representative license

KUALA LUMPUR: Malaysian Financial Planning Council (MFPC) and Capital Market Development Fund (CMDF) are offering educational scholarships to study Registered Financial Planner (RFP) and Shariah RFP leading awardees to obtain the Capital Market Services Representative License (CMSRL).

The program, which will be administered by the MFPC will honour and grant financial assistance to high- achievers, graduates from various universities and higher learning institutions; and financial practitioners who are keen to practice in Malaysia.

The scholarships are intended to increase the number of qualified and licensed financial planners in the marketplace besides allowing the candidates to attain their educational goals in meeting their professional objectives and succeed as financial planner.

Under the Capital Markets and Services Act 2007 ( CMSA), an applicable license is required for anyone to carry out capital market activities including financial planning.

This scholarship programme offers one- time scholarship to eligible candidates with the maximum amount of RM5,400 per candidate.

Applicants are required to complete the RFP/Shariah RFP modules within 12 months whereby scholarships are only awarded to the candidates upon passing all the modular examinations.

The required models are RFP/ Shariah RFP Module 1: Fundamentals of Financial Planning/ Fundamentals of Shariah Financial Planning, RFP/ Shariah RFP Module 3 – Investment Planning /Shariah Investment Planning, RFP/ Shariah RFP Module 6 – Retirement Planning/ Retirement Planning and Certificate of Proficiency in Financial Planning (Construction of Financial Plan).

A non-refundable commitment fee of RM250 is required to enrol into the scholarship programme whilst the entrance fee and 1styear student membership fee is waived.

Applicants who thirst to be awarded for the CMSRL programm scholarship need to complete a minimum of 24 months practising financial planning and advisory services in any CMSL company.

CMSRL Programme is a programme with the objectives of allowing the professional financial planner to take advantage of opportunities in the Malaysia capital market and it was structured to attract good quality participants into the financial planning profession. — Bernama