FINANCIAL advisory group Professional Investment Services is looking to grab a bigger stake in its Malaysian operations after announcing its intent to list on the Australian Stock Exchange in March next year.

The move comes as Malaysian authorities hint they will free up the country's financial planning regulations. PIS owns 30 per cent of Malaysian financial planning operation Standard Financial Planning. Standard Financial Planning has 280 advisers and is rapidly heading towards 300.

The Malaysian government caps foreign ownership of local companies at 30 per cent. But according to PIS managing director Grahame Evans, the company has received indications that the restriction could be lifted.

"We would love to take our stake in SFP to 50 per cent," says Mr Evans.

"At the moment we are putting the kind of processes in place that we utilise in our Australian operations. There seems to be a big change occurring in Malaysia which is coming out of the Securities Commission. The country is moving away from a tied agent's model towards the situation where a person gets fully independent financial advice."

Mr Evans says the situation in Malaysia, where a majority of the sales are driven by tied agents, was very similar to what existed in Australia about 15 years ago with Malaysia's Securities Commission now encouraging people to seek independent advice - an indication of a move towards the loosening of legislation.

"Alfred Sek, the head of Bank Ngara Malaysia, the nation's central bank, is looking to copy Australia's compliance regime," says Mr Evans.

"The market is becoming more efficient and is transforming from an insurance base to a financial planning culture."