Commitment to high standards

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 Qualified Associate Financial Planner™ professionals and Certified Financial Planner^® professionals meet appropriate standards of competence and professionalism through rigorous requirements of education, exam, experience and ethics.

An independent Standards Panel made up of CFP professionals and members of the public maintains the standards. Regular reviews of the standards ensure they remain relevant to the practice of financial planning and the expectations of Canadians.

QAFP professionals and CFP professionals must agree to comply with these standards as a condition for new and continued certification. Failure to comply with the standards can result in professional discipline, with sanctions that range from a letter of admonishment to suspension or revocation of certification.

Standards of Professional Responsibility

In effect from June 1, 2024

For complaints alleging professional misconduct by a QAFP professional or CFP professional from June 1, 2024. The Standards of Professional Responsibility are available online or to download as a PDF file.

View the Standards of Professional Responsibility

Previous versions

Standards prior to June 1, 2024

Any complaints alleging professional misconduct by a QAFP professional or CFP professional before June 1, 2024 are governed by previous versions of the Standards of Professional Responsibility.

View previous versions

Independent panels provide oversight

Three independent panels play a direct role in setting, maintaining and enforcing the standards of the profession. The panels include CFP professionals and members of the public. Their diverse members reflect a broad range of practice experience and have a national scope.

Standards Panel

Sets and oversees the standards of the profession, including the FP Canada Standards Council Standards of Professional Responsibility, the Projection Assumption Guidelines, the FP Canada Standards Council Competency Profile for QAFP Professionals and the FP Canada Standards Council Competency Profile for CFP Professionals
The competency profiles detail the job-related skills, knowledge and judgments professional financial planners must have to provide competent services to their clients

Conduct Review Panel

Reviews staff reports and directs the appropriate disposition of complaints
Provides guidance to the profession through Practice Guidance notices on emerging issues such as documenting the terms of engagement, or disclosure requirements for QAFP professionals and CFP professionals
An anonymized Guidance and Advice list allows the public to search the Guidance and Advice given by year, keyword or open text, increasing access for professional financial planners, stakeholders and the public

Discipline Hearing Panel

Adjudicates allegations of misconduct involving QAFP professionals and CFP professionals
Determines whether the QAFP professional or CFP professional engaged in misconduct and, if so, determines the appropriate penalty

The FP Canada Standards Council mandate is to set, maintain and enforce financial planning standards.

SET

The Standards Council establishes financial planning standards

These Standards are regularly updated so that they remain relevant, protect the public interest and support professional planners to understand their obligations.

The Standards Council sets the certification requirements for QAFP professionals and CFP Professionals

Certification requirements are a critical part of establishing professional standards. To obtain and maintain certification individuals must:

Complete a comprehensive education program
Pass a certification exam
Demonstrate relevant work experience
Adhere to a strict Code of Ethics as well as Rules of Conduct, Fitness Standards and Practice Standards
Commit to annual continuing education

The Standards Council regularly reviews the certification requirements to ensure they remain relevant to the practice of financial planning and the expectations of Canadians.

The Standards Council develops and delivers certification exams

Passing an FP Canada exam is required to gain certification. The Standards Council’s two independent Exam Panels ensure that:

The exams assess the competence of candidates for certification
Candidates who are qualified receive a passing score and candidates who are not qualified receive a failing score

The FP Canada Standards Council Disciplinary Rules and Procedures for Examination Misconduct apply to cases of exam or exam-related misconduct by candidates.

MAINTAIN

The Standards Council establishes continuing education requirements

Standards for continuing education (CE) ensure that QAFP professionals and CFP professionals maintain the required competence and professionalism to address a wide range of client needs.

All QAFP professionals and CFP professionals must meet annual CE requirements to maintain certification
Random audits confirm compliance with these CE requirements
QAFP professionals and CFP professionals who do not meet the CE requirements may be denied renewal of their certification

Maintain your certification

QAFP professionals and CFP professionals must  renew their certification every year, which includes keeping their knowledge and competence up to date with required continuing education.

ENFORCE

The Standards Council enforces the Standards of Professional Responsibility

Enforcing the standards ensures that:

QAFP professionals and CFP professionals meet or exceed the rigorous standards expected of them
the public interest is protected

The FP Canada Standards Council  Disciplinary Rules and Procedures  (DRP)  guide how the Standards Council conducts initial reviews and investigations into complaints involving QAFP professionals and CFP professionals.

The Standards Council reviews complaints concerning:

conduct that might breach the Standards of Professional Responsibility
other conduct that could harm the reputation of the QAFP certification marks or CFP certification marks

Learn more about how the standards are enforced

Guidance

The FP Canada Standards Council regularly issues guidance for QAFP professionals and CFP professionals on the application of the Standards of Professional Responsibility.

Practice Guidance Reports and Rule Interpretation Bulletins

Practice Guidance is provided by the Conduct Review Panel, the Standards Panel and FP Canada Standards Council staff on topics such as conflict of interest, and emerging trends, such as the use of technology.

Letters of Guidance and Advice

The Conduct Review Panel issues Letters of Guidance and Advice that are published anonymously on FP Canada’s website to provide information to QAFP professionals and CFP professionals, and the public about the types of conduct that are of concern.

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