BSP requires investment trust fund marketers to be certified

The Bangko Sentral ng Pilipinas (BSP) now requires personnel in sales and marketing of unit investment trust funds (UITF) to be certified.

The goal is to keep investors more safe and protected from dishonest transactions, the central bank said Tuesday.

The BSP’s policy-setting Monetary Board approved to amend existing regulations raising the qualification standards of UITF marketing personnel.

“The new rule requires all personnel involved in the sales and marketing of UITF to be certified through a certification program administered by a reputable financial services industry association/organization acceptable to the Bangko Sentral,” it said in a statement.

UITF is an open-ended trust fund pool in pesos or any other currency, acceptable to the central bank, operated and maintained by trust entities.

The UITF Certification Program—a three-pronged process—consists of a qualifying examination, continuing education, and registration to monitor and manage certified marketing personnel.

“Only personnel who pass the exam shall be conferred the title of Certified UITF Marketing Personnel,” the BSP said.

“All Certified UITF Marketing Personnel shall also be required to undergo trainings/seminars/conferences annually to maintain an active status,” it said.

Practicing marketing personnel may get their certification until 2021.

Those who fail to pass the program will not be allowed to sell and market UITF. —VDS, GMA News