Enforcing the standards

Complaints about QAFP professionals and CFP professionals can be made by:

• members of the public
• the FP Canada Standards Council
• other 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.

Some examples of behaviours that could result in a complaint include making unsuitable recommendations, breaching client confidentiality, failing to disclose conflicts of interest, and engaging in dishonest or fraudulent conduct.

The complaint review and enforcement process

There are four stages to the enforcement process. A complaint file can be closed after any stage.

1. Intake and initial review

Standards Council staff review all complaints received. They can close complaints with or without a staff caution, or the Head of the Standards Council can escalate them to investigations. Not every complaint proceeds to a formal investigation, and many are closed or resolved at this stage.

The initial review period takes approximately 120 days to complete. The Standards Council will likely contact the QAFP professional or CFP professional during the initial review process to give them the opportunity to understand the complaint and provide a response.

2. Investigation

If the Head of the Standards Council determines that there are grounds for an investigation, the QAFP professional or CFP professional named in the complaint is notified and invited to respond. At the end of the investigation, the results are presented to the Conduct Review Panel.

Read the Responding to an Investigation Fact Sheet for details about what to expect if you are the subject of an investigation.

3. Conduct Review Panel

This independent committee of financial planners certified by FP Canada and members of the public reviews staff reports and directs the appropriate disposition of the complaint.

At this stage, complaints can be:

• closed
• closed with a Letter of Guidance and Advice
• referred to a Discipline Hearing Panel

All Letters of Guidance and Advice are published anonymously on FP Canada’s website to provide information to QAFP professionals and CFP professionals and the public about the type of conduct that is a concern to the Conduct Review Panel.

4. Discipline Hearing Panel

Before a hearing, the Standards Council publishes Statements of Allegations with details about the alleged misconduct on FP Canada’s website.

An independent Hearing Panel of financial planners certified by FP Canada and a lawyer adjudicates each matter and decides on the sanction, which can range from a reprimand or a remedial action plan, to temporary suspension or permanent revocation of certification and the right to use the Certification Marks. A Hearing Panel can also award costs of the proceeding against the QAFP professional or CFP professional.

QAFP professionals and CFP professionals can participate in the Hearing Panel process. They can challenge the allegations before the Panel and submit evidence either directly or through their lawyers.

All disciplinary hearing reports are published on FP Canada’s website, and the disciplinary history of a QAFP professional or CFP professional is linked to their profile on the Planner Directory.

Additional disciplinary procedures

The Standards Council can use the following additional disciplinary procedures at any stage of the enforcement process.

Lack of cooperation 

If a QAFP professional or CFP professional fails to respond to communications from FP Canada or its divisions and/or cooperate with an investigation by the Standards Council, staff may refer the matter to a Hearing Panel for consideration of the allegation that the individual has contravened the Rules of Conduct, for failure to cooperate. A Hearing Panel finding that the individual failed to cooperate may result in a permanent suspension of certification. 

Interim suspensions and/or disclosure of investigations 

Pursuant to the Standards Council Policy on the Disclosure of Investigations and Interim Suspensions, the Standards Council can obtain interim suspensions and/or seek permission to disclose an active investigation, in exceptional circumstances and as necessary to protect the public. All interim suspensions are noted on the QAFP professional’s or CFP professional’s Planner Directory profile.