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ANNUAL REPORT 2020-2021

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The FP Canada Standards Council™ is a division of FP Canada™ whose mandate is to set, maintain and enforce financial planning standards that protect the public interest thereby fostering trust in the financial planning profession.

 

OVERSIGHT

IN THE PUBLIC INTEREST

The Standards Council delivered on its mandate through 2020, overcoming significant challenges and uncertainty arising from the COVID-19 pandemic. To minimize any disruption to ongoing work, hearings, panels, item writing and exam marking transitioned to a fully virtual environment.

Because of the pandemic, FP Canada had to cancel its certification exams in June 2020. Candidates for the November 2020 exams had the choice to write the exams either in-person or remotely through online proctoring from a secure location of the candidate’s choosing. The CFP® exam was held over three days, instead of one day, to give candidates added flexibility and access.

 

Volunteers play important roles to support mandate
Many volunteers, both professional financial planners and members of the public, make it possible for the Standards Council to deliver on its mandate for the benefit of FP Canada certificants and all Canadians:
  • The Standards Panel, the Conduct Review Panel and the Hearing Panel provide independent oversight to set the standards of the profession and to enforce them. The panels’ membership reflects a breadth of diversity of experience and gender diversity and has national scope.
  • The CFP Exam Panel and the QAFP Exam Panel oversee the development, scoring and determination of exam results for each respective exam. Many other professionals volunteer their time and expertise as item writers, mock exam writers and exam markers.

 

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THE STANDARDS COUNCIL

CHAMPIONS & OVERSEES CERTIFICATION REQUIREMENTS
 
The Standards Council sets the certification requirements for Certified Financial Planner® professionals and Qualified Associate Financial Planner™ professionals and develops and delivers certification exams. It ensures that FP Canada certificants continue to meet the required standards of competence and professional behaviour through continuing education.
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IN 2020, GUIDANCE AND ADVICE WAS ISSUED ON:

  • Failure to act with integrity, or in the client’s best interests
  • Failure to perform due diligence or to perform financial planning in accordance with applicable laws, regulations, rules or established policies of governmental agencies and other applicable authorities
  • Using personal and/or confidential client information without the written and informed consent of the clients
FP Canada posts anonymized guidance notices on its website to remind certificants and to inform the public about the expected level of professional conduct.

2020 HEARING PANEL OUTCOMES

 

For greater transparency, the Standards Council now publishes full decisions released by Hearing Panels and Appeal Panels on FP Canada’s website, instead of just a summary of the decision. A certificant’s disciplinary history is also linked to the Find a Planner Tool. All Disciplinary Decisions are now fully searchable.