The role of the IFPHK on Ethics and Enforcement is outlined below.
- Develops and maintains ethics and professional standards, and oversees compliance, complaints and disciplinary procedures
- Oversees all the IFPHK’s enforcement activities including investigation, prosecution and resolution of complaints against IFPHK financial planning professionals for violations of the Code of Ethics and Professional Responsibility.
- Responsible for oversight of the IFPHK’s ethics and professional-related documents, including the Code of Ethics, Practice Standards and Disciplinary Rules and Procedures, which apply to all IFPHK financial planning professionals.
The IFPHK’s ethics and professional standard correlates to a global framework of financial planning standards developed by the Financial Planning Standards Board (FPSB). The IFPHK, as an affiliate to the FPSB and the licensing authority for CFP certification and AFP certification in Hong Kong and Macau, participates in the global standards development process and adopts the standards developed by the FPSB. Please click here to learn more about how the FPSB sets standards.
The components of the IFPHK’s professional code and standards include:
- The IFPHK’s Code of Ethics and Professional Responsibility combines and modifies the FPSB Global Code of Ethics, and the FPSB Model Rules of Conduct, to the Hong Kong business environment.
- The IFPHK’s Financial Planning Practice Standards adopts and modifies FPSB’s Global Financial Planning Practice Standards. [The Standard is updated in 2021, old version can be downloaded here for reference only.]
Disciplinary Rules and Procedures
The Disciplinary Rules and Procedures is a guide to how the IFPHK conducts investigations and hearings regarding actions by financial planning professionals, which includes CFP certificants, AFP certificants and candidates, when there is evidence of a breach of the Code of Ethics and Professional Responsibility . The IFPHK provides this document as a resource for all individuals lodging a complaint about a financial planning professional, and the financial planning professional against whom the complaint is made. IFPHK has a formal complaint process and for details, please refer to the Complaint Procedures . The financial planning professional or complainant's legal counsel, and the independent Hearing Panel all use this document to ensure that a fair and consistent process is followed with each complaint.
To make IFPHK’s enforcement actions more effective, the IFPHK Professional Ethics Review Committee had approved Guideline of public disciplinary action disclosure to disclose all public disciplinary actions on IFPHK website. The disclosure guideline which takes effect on disciplinary action decided after 1 October 2013.
To enhance the effectiveness of IFPHK’s enforcement actions, the Professional Ethics Review Committee decided to revise the disclosure guideline to disclose the name of the certificant being sanctioned. The revised disclosure guideline which takes effect on disciplinary actions decided after 1 April 2020.
Please click here for the latest report on public disciplinary action