Financial Advisers In Malaysia
The introduction of professional intermediaries such as Financial Advisers (“FA”) and Islamic Financial Advisers (“IFA”) enable consumers to obtain professional advice on wider options of financial products and services.
Background On Financial Advisers
The introduction of professional intermediaries such as Financial Advisers (“FA”) and Islamic Financial Advisers (“IFA”) enable consumers to obtain professional advice on wider options of financial products and services.
FA and IFA are governed under the Financial Services Act 2013 (“FSA”) and Islamic Financial Services Act 2013 (“IFSA”) where it regulates companies and individuals that provide advice on Insurance and Takaful products to consumers.
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FA/IFA is a representative approved by BNM who possesses minimum professional qualifications and appropriate level of competency in ensuring quality advice is provided to consumers.
A licensed FA/IFA will obtain information and perform comparisons of available family takaful products.By doing so, you don’t have to spend time researching and can spend more time deliberating.
For more information, you can visit Association of Financial Advisers’ website.You can also get the list of licensed FA/IFA from BNM website; where the list is regularly updated.
Comparison Between FA/IFA and Takaful Agents
FA/IFA
- Independent party who represents the consumers.
- Able to promote takaful plans from multiple Takaful Operators.
Takaful Agents
- Represents one particular Takaful Operator.
- Exclusively promote takaful plan issued by the registered Takaful Operator.
Takaful Agents
Recommend takaful plans that suits your needs according to your level of affordability