Financial Advisers & Islamic Financial Advisers

Financial advisers (FAs) and Islamic financial advisers (IFAs) are approved persons, respectively under s.11 of the Financial Services Act 2013 (FSA) and s.11 of the Islamic Financial Services Act 2013 (IFSA), to carry on a financial advisory business. Such business provides financial planning services to the public that may involve recommending and offering an insurance or takaful product.

FAs and IFAs are part of the financial intermediaries regulated by BNM under the FSA, IFSA, and related regulations. FAs and IFAs need to be approved by BNM. The approval granted is generally valid between one to three years, after which the approved person must submit an application to renew its approval, two months prior to the expiry of the existing approval.

The following document contains the procedures to apply for the FA/IFA business:

• Application Procedures to Carry on Financial Advisory Business and Islamic Financial Advisory Business

Use the following application forms to apply for a new approval or renewal of the FA/IFA business:

• Application Form for New of Financial Advisor Business
• Application Form for Renewal of Financial Advisor Business

If you have any questions on the application procedure, please refer to the following document:

• Frequently Asked Questions

Approved FAs/IFAs are required to comply with the following code of conduct:

• Prudent and Professional Conduct by Financial Advisers

See also:

• List of approved financial advisers
• List of approved Islamic financial advisers

One of the requirement for the FA/IFA business is that one of their Directors must be a Financial Adviser's Representative (FAR) or an Islamic FAR.

• List of Financial Adviser's Representatives