New association to help boost financial literacy

National 1 minute, 49 seconds

BANDAR SERI BEGAWAN

THE official launch of the Financial Planning Association of Brunei Darussalam (FPAB) yesterday was welcomed by the second minister of Finance who noted its timeliness in supporting the government’s financial literacy efforts.

Yang Berhormat Pehin Orang Kaya Laila Setia Dato Seri Setia Hj Abdul Rahman Hj Ibrahim, said that FPAB is another venue and platform for those who have been commissioned and accredited to provide advisory services and are active in the field of financial planning and management.

“We hope that members of the association will play a role to help the government in implementing financial literacy in the country,” he said in his address during the National Savings Day ceremony held at the Ministry of Finance Headquarters yesterday.

He said that the association will be able to arrange programmes that can support financial literacy efforts and contribute to national development through regional and international cooperation.

“We understand that at this time, approximately 230 people have recognition in financial management, including representatives of banks, insurance agents/takaful, capital market services and Employee Trust Fund (TAP),” he said.

According to Ang Kian Guan, the pro tem Vice President of FPAB, the association was established also to help raise the level of the financial planning profession in the country.

This includes getting consultants to achieve certification such as a Chartered Financial Consultant or Certified Financial Planner.

“So you must have that kind of qualification before you can actually plan (financial plan) for others. Otherwise, how am I to trust you with my money?”

Besides improving the level of competency of financial planners in Brunei, he said that the association hopes to better create awareness among Bruneians on how to save for retirement as well as work with financial regulators to disseminate information on financial planning and avoiding get-rich-quick-schemes.

“Bottom line is, many people are not aware of financial planning. This is where we (as financial planners) come in, and help them understand how much they need to save for rainy days, emergency funds and how much they need to save for future retirement,” he said.

Those interested to be a member of the association can send enquiries via email askfpab@gmail.com

The Brunei Times