The Financial Services Conduct Authority (FSCA) has instructed the Financial Planning Institute (FPI) to discontinue holding regulatory examinations, and has launched a full-scale investigation into the FPI’s examination department of the FPI.
The FSCA says this comes after the authority was alerted to alleged irregularities in the delivery of the exams.
All exams will be delivered by the exam body Moonstone until further notice. Nobody who has written the exam in the past will be affected by this development, except those who are implicated in the alleged irregularities, the FSCA says.
In a statement released this week, the FPI said: “To affirm the commitment to the mission of ethical standards in the financial services industry that put the interests of consumers first, the FPI supports the FSCA’s decision to suspend all examinations conducted at the FPI examination body in the process of the investigations.
“All affected candidates will be reverted to Moonstone, effective immediately. There will be no disruptions to the dates or the venues of the examinations. Moonstone will communicate directly with all candidates regarding any details pertaining to the exam.
“The FPI is fully co-operating with the FSCA and respective authorities to help further their respective investigations. Where misconduct is established, the appropriate regulatory action will be taken.
“The institute takes this matter seriously, as it casts significant doubt on the ability of the FPI examination body to protect and maintain the integrity of the financial services industry. The institute is committed to protecting the integrity and credibility of the regulatory examinations.
“The FPI examination body activities are ring-fenced from the other aspects of its business from a membership and certification perspective, and it will continue to serve its members accordingly.”