How to Check if a Financial Adviser in Malaysia Is Licensed (Step by Step)

By Joshua Teoh S.Y. (张津瑞), FAR, IFAR, CMSRL, ShRFP, RFP, MBA · Published 2026-10-19

Short answer: ask the person exactly which licence they hold and which firm they represent, then check both on the official registers of Bank Negara Malaysia (BNM), the Securities Commission Malaysia (SC) and the Federation of Investment Managers Malaysia (FIMM). Then check the alert lists. It takes about ten minutes and is the single best protection against investment scams and clone entities.

1. Who can give financial advice in Malaysia

Different activities are regulated by different bodies. The common ones you will meet are:

A single adviser may hold more than one of these. For example, I hold FAR and IFAR status under BNM, a CMSRL from the SC, and FIMM registration, all through YES Financial Berhad.

2. Five-step check

Step 1: Ask the right questions

Ask: "Which licences do you hold, with which regulator, and which company are you representing?" A licensed adviser will answer without hesitation and should be happy for you to verify. Note the exact full name (as on their IC), the company's full registered name and any licence or registration numbers.

Step 2: Check the firm

• BNM: look for the firm on the List of Approved Financial Advisers. (The list we checked showed "Last updated: 15 September 2026".)
• SC: search the firm on the Public Register of Licence Holders and Registered Persons, or use the SC Investment Checker.

Step 3: Check the individual

• SC Public Register: search the person's name. A licensed individual appears with a licence number (for example, a number beginning "eCMSRL/"), the company they represent and the regulated activities they may carry out.
• FIMM: use "Is My Consultant Authorised?" and search by name, FIMM number or IC/passport number. FIMM stopped issuing physical authorisation cards in 2021, so the online search is the way to verify.
• BNM FAR: BNM has published lists of Financial Adviser's Representatives as PDF files on its website. The versions we found online were dated 2023, so also ask the firm to confirm the person's current appointment in writing.

Step 4: Check the alert lists

• BNM Financial Consumer Alert List — entities and schemes that may be wrongly perceived as licensed by BNM, including "potential clone entities" that copy a legitimate firm's name and logo.
• SC Investor Alert List — unauthorised websites, entities and individuals.

Note BNM's own caution: not appearing on the alert list does not prove that an entity is licensed. Always do Step 2 and Step 3 as well.

Step 5: Check that the details match

Scammers often impersonate real, licensed advisers. Make sure the phone number, email domain and office address you were given match the firm's official website, and call the firm's official number to confirm the person works there. Be especially careful with contacts that start on social media or messaging apps.

3. Designations are not licences

Letters such as RFP and ShRFP (awarded by the Malaysian Financial Planning Council) or CFP and IFP (awarded by the Financial Planning Association of Malaysia) show professional education and a commitment to a code of ethics. They are valuable, but on their own they are not a licence to give regulated advice. Check both: the designation with the professional body, and the licence with the regulator.

4. Red flags

• "Guaranteed" high returns, or returns that sound too good to be true.
• Pressure to decide today, or to keep the investment secret from family.
• A request to transfer money into a personal bank account or an unrelated company. Licensed advisory firms such as YES Financial state publicly that they do not collect investment monies directly from clients.
• No written documents, no product disclosure sheet, or reluctance to explain fees and risks.
• A "licence" that cannot be found on any official register, or a company name that is slightly different from the licensed firm's.
• Recommendations made without asking about your financial situation, goals and risk tolerance. Licensed advisers are expected to assess suitability first.

5. Where to report

• Bank Negara Malaysia (BNMLINK): 1-300-88-5465 (overseas +603-2174 1717), or the eLINK online form.
• Securities Commission Malaysia: 03-6204 8999 or aduan@seccom.com.my.
• FIMM: 03-7890 4242 (registration matters).
• If you have already transferred money to a scammer: contact your bank immediately and call the National Scam Response Centre at 997.

Sources

1. Bank Negara Malaysia — List of Approved Financial Advisers: bnm.gov.my/-/approved-financial-advisers.
2. Bank Negara Malaysia — Financial Consumer Alert List: bnm.gov.my/financial-consumer-alert-list.
3. Bank Negara Malaysia — List of Financial Adviser's Representatives (PDF, 31 December 2023): bnm.gov.my.
4. Bank Negara Malaysia — BNMLINK contact details: bnm.gov.my.
5. Securities Commission Malaysia — Licensed and Registered Persons / Public Register: sc.com.my; direct register: easy.seccom.com.my:8222.
6. Securities Commission Malaysia — Investment Checker: sc.com.my/investment-checker; Investor Alert List: sc.com.my/investor-alert-list.
7. FIMM — FAQs for investors and "Is My Consultant Authorised?": fimm.com.my; fimm.com.my/search.
8. FIMM press release on cessation of physical authorisation cards (17 August 2021): fimm.com.my.
9. YES Financial Berhad — scam alert notice on its home page: yesfinancial.co.
10. Malaysian Financial Planning Council: mfpc.org.my; Financial Planning Association of Malaysia: fpam.org.my.

This article is general information only and is not legal, tax, Shariah or financial advice. Laws and figures are stated as understood at the date of publication. Please seek advice for your own circumstances.