Financial planning practice guidance

Conduct Review Panel’s notices to FP Canada™ certificants

In September 2024, the Conduct Review Panel published practice guidance for CFP^® professionals and QAFP^® professionals relating to the withdrawal of services, including when ending a client/planner relationship, changing firms or employers, and when referring a client to another professional. 

In January 2023, the Conduct Review Panel published guidance for CFP^® professionals and QAFP^® professionals related to disclosure requirements. The guidance identifies the two most common complaints that the CRP has recently considered relating to failure to disclose: conflicts of interest and compensation. The guidance also explains how FP Canada’s Terms of Engagement tool can help CFP professionals and QAFP professionals write and update client engagement letters to meet their professional disclosure requirements.

In April 2021, the Conduct Review Panel published a notice to remind certificants that just as one’s conduct in providing professional services can reflect on a certificant’s integrity, it must be understood that "off duty" conduct can also, in some circumstances, reflect negatively on their professional integrity. Certificants must always act with integrity and professionalism within and outside their financial planning practice.

In December 2019, the Conduct Review Panel published two notices to FP Canada certificants:

• Conflicts of Interest - Acting as a Power of Attorney or Estate Executor.
  This notice provides practical examples and illustrates the conflicts created by concurrently acting as a Power of Attorney for Property or Estate Executor and a financial planner.
• Reporting Obligations to FP Canada and the Consequence of Failing to Report.
  This notice is a reminder to existing FP Canada certificants and those applying for certification, renewed certification or reinstatement of their professional obligations to report to FP Canada.

In December 2018, the Conduct Review Panel published a notice on Taking Instructions from a Third Party, to remind FP Canada certificants of their professional obligations and provide additional guidance on handling individual and joint client relationships.

In the Fall 2016 issue of the FP Standard, the Conduct Review Panel published this notice regarding a recent pattern of allegations and the corresponding guidance to certificants to meet their professional obligations.

Standards Panel’s notices to FP Canada certificants

In November 2020, the Standards Panel published two notices to FP Canada certificants:

The Financial Planning Process – What Consumers Can Expect in a Financial Planning Engagement.
This notice provides guidance regarding the practice of financial planning; the process professional financial planners should follow in providing financial planning services to Canadians the expectations of FP Canada Certificants.

Documenting the Terms of Engagement.
This notice provides guidance to FP Canada Certificants and members of the public regarding Terms of Engagement documents.

The Terms of Engagement is a document that sets out the agreement between the parties at the outset of the engagement. The use of a Terms of Engagement document, while not mandatory, may help ensure that FP Canada certificants are compliant with their disclosure obligations as outlined in the FP Canada Standards Council Rules of Conduct.

FP Canada Standards Council rule interpretation bulletins

In December 2024, FP Canada published a Rule Interpretation Bulletin that provides information about the interpretation and application of the Rule of Conduct in the FP Canada Standards Council™ Standards of Professional Responsibility  that outlines the obligation of certificants to inform their clients of the value of naming a Trusted Contact Person.

In October 2024, FP Canada published a Rule Interpretation Bulletin that provides information about the interpretation and application of the Rule of Conduct in the FP Canada Standards Council Standards of Professional Responsibility that outlines what roles a Certificant cannot accept relating to a client’s estate or property, while providing financial planning advice or services.

In November 2023, FP Canada published a Rule Interpretation Bulletin that provides information about the interpretation and application of the Conflict of Interest Rule in the FP Canada Standards Council Standards of Professional Responsibility.

In May 2023, FP Canada published a Rule Interpretation Bulletin that provides information about the  interpretation and application of the Use of Technology Rules 28 and 29 in the FP Canada Standards Council Standards of Professional Responsibility.