Strategic priorities to further develop the financial advisory industry The Bank has identified a number of strategic priorities to further develop the full potential of the financial advisory industry in delivering better outcomes to consumers and increasing the level of insurance penetration in Malaysia. I should say that we benefitted significantly from our engagements with the industry on the direction that we intend to take and the key issues that need to be addressed moving forward. Today, let me mention four key priorities. Our first priority is to ensure that financial advisers are highly competent and professional when they provide advice. We understand from our engagements with AFA that recruiting the right talent continues to be a major challenge given that financial advisory firms are competing with larger financial institutions for a limited pool of qualified individuals. The Bank will continue to work in close collaboration with AFA to increase the talent pool. This includes reviewing on a regular basis, the programmes and qualifications that meet the minimum standards for financial advisors and working with academia, training providers and accreditation bodies to broaden the qualifications recognized without compromising on quality. There is also a need to lift the competency requirements for financial advisers. The current emphasis has been largely on ensuring that financial advisers have sound product knowledge and the core competencies to understand and analyse their client’s needs.
The song “Roll out the Barrel” was written by the Czech composer Jaromir Vejvoda, and the New World Symphony was composed by the world famous Czech composer Antonín Dvořák. So you can find at least some Czech marks in many areas of everyday life. How about my domain, finance? Well at least one thing originates in this country. You sometimes pay with US dollars, or Canadian dollars or Australian dollars for that matter, so you should know that the name dollar comes from the original Czech name tolar – TOLAR – which was a small silver coin minted in Western Bohemia in the 16th century. Now it is world famous. And while I am talking about the traces left by the Czech language, I should not forget that there is at least one Czech word which has spread from my very complicated mother tongue to almost all languages. That word is robot – the invention of Czech writer Karel Čapek. It comes from the Czech word “robota”, which means unfree and unpaid labour, or corvée in English. Ladies and gentlemen, I can only hope that I have succeeded in convincing you that this is a country with a long track record in many areas and that it is not a waste of your time to explore its history, beauties and treasures, be it here in Prague or elsewhere. I’d say you might find many other surprises as well. I wish you every success with your conference. Enjoy it, enjoy Prague and enjoy the Czech republic.