FP Canada Standards Council™ announces the release of its 2023 report

The report contains updates related to activities from the FP Canada Standards Council and its ongoing focus on ensuring Certified Financial Planner® professionals and Qualified Associate Financial Planner™ professionals are held to high standards of competence, professionalism, and ethical conduct.

TORONTO, June 13, 2024 /CNW/ - The Standards Council has announced the release of its 2023 Report, which highlights recent Standard Council activities, including updates to existing standards and guidelines. The Standards Council sets the certification requirements for CFP® professionals and QAFP® professionals in Canada. In addition, it maintains and enforces financial planning standards in the public interest, thereby fostering trust in the financial planning profession.

The report provides an overview of complaint and disciplinary activity in 2023 along with updates on trends observed by the enforcement department and the independent panels that support the Standards Council. It also highlights key activities undertaken by these independent panels and the examinations department, which is responsible for the development and administration of certification exams.

Here are just a few highlights of the Standards Council's activities in 2023:

• The publication of new guidance related to disclosure requirements, and the publication of a rule interpretation bulletin that provides further information about the technology rules in the Standards of Professional Responsibility.
• A review of the Standards of Professional Responsibility, which led to the addition of two new Rules of Conduct, a new Practice Standard, and comprehensive updates to all Practice Standards for relevance and clarity. The changes were approved by the Standards Panel in March of 2024 and took effect June 1, 2024.
• The launch of the FP Canada Standards Council Competency Profile for CFP Professionals and the FP Canada Standards Council Competency Profile for QAFP Professionals. These profiles, which replaced the FP Canada Standards Council Competency Profile, outline the core knowledge, skills, and abilities required of CFP professionals and QAFP professionals, respectively.
• A review to ensure continued alignment between the Financial Planning Standards Board's Global Financial Planning Standards and the FP Canada Standards Council's Competency Profile for CFP Professionals and Standards of Professional Responsibility.
• Ongoing engagement with exam development volunteers through the Standards Council's Exam Panels; activities included mock exam writing and the creation of new exam cases and questions.
• The delivery of continuing education programs and events that support financial planners in meeting their professional and ethical obligations, including during Financial Planning Week and at the second annual Dialogue event.

"In 2023, the Standards Council remained committed to supporting CFP professionals and QAFP professionals in meeting their ethical and professional responsibilities," says Damienne Lebrun-Reid, Vice President Standards, Certification and Enforcement and Head of the FP Canada Standards Council. "By providing professional financial planners with the necessary knowledge and tools, we continued to ensure that they are well positioned to meet the needs of Canadians and act in the public interest."

View the full 2023 report from the Standards Council at the FP Canada website. 

About FP Canada

Established in 1995, FP Canada is a national not-for-profit education, certification and professional oversight organization working in the public interest. FP Canada is dedicated to championing better financial wellness for all Canadians by leading the advancement of professional financial planning in Canada.

About the FP Canada Standards Council

A division of FP Canada, the FP Canada Standards Council establishes and enforces financial planning standards, sets the certification requirements for professional financial planners and develops and delivers certification exams. The FP Canada Standards Council ensures that professionals certified by FP Canada ― Certified Financial Planner professionals and Qualified Associate Financial Planner professionals ― meet appropriate standards of competence and professionalism through requirements of education, exam, experience, and ethics.

SOURCE FP Canada

Media inquiries contact, Molly Davidson, FP Canada, [email protected]