A resolution to enact uniform standards that protect workers, consumers, and the general public.Category: Regulation | Area of Effect: Consumer ProtectionStressing that financial transparency from national governments and organizations leads to a financially self-aware populace that can attain better economic success,
Emphasizing that financial planning is a key component of sustained economic well-being,
Understanding that economic prosperity for individuals substantially increases their well-being, which benefits their communities and their nations,
Asserting that financial planning associations and corporations conduct business internationally and must be subject to international standards to ensure adequate treatment of their customers,
Further noting that financial planning includes advising on international investments,
Also reaffirming the right of all WA citizens to be informed about financial concepts,
The World Assembly, therefore,
- Defines "financial planning," for the purposes of this resolution, as the process of analyzing necessary financial information, such as savings and investments, in order to achieve certain financial goals for individuals, such as retirement.
- Defines "financial tools" as conceptual methods and or mathematical calculations utilized for financial analysis that can be used by professional financial advisors and the public alike, while not constituting a substitute for professional advice. These financial tools can be utilized in personal finance, insurance, business investments, and mortgages, among other subjects.
- To allow for adequate financial planning,
- Establishes the World Assembly Financial Planning Board, or WAFPB, that sets standards for and certifies professional practitioners of financial planning internationally. The WAFPB certification framework includes competency and education requirements, ethical standards, and general practice standards.
- Certified professionals will have completed, at minimum, a two-week financial planning training course offered by the WAFPB regarding financial concepts and the general practices of the financial planning profession. Such practices include establishing relationships with their clients, collecting and analyzing client data, and making reasonable recommendations based on context.
- Certified professionals will have completed a background check established by the WAFPB, which will confirm that they have not utilized client data without their consent for personal gain or other ulterior motives.
- Mandates that World Assembly nations with pre-established retirement plans disseminate information about such plans to their citizens.
- Mandates that World Assembly nations make credit information that is owned by their national governments or for-profit businesses accessible to the public.
- Mandates that World Assembly nations disseminate information to the public regarding financial tools currently provided by their national governments, free or otherwise, and further encourages nations to share those resources with other nations.
- Encourages World Assembly nations to provide free public sector financial planners, which are accessible to lower socioeconomic classes.
- Encourages World Assembly nations to provide free financial tools and educational resources to the public.