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ANNUAL REPORT 2019-2020

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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, to protect the public interest thereby fostering trust in the financial planning profession.

 

OVERSIGHT

IN THE PUBLIC INTEREST

 

In 2019-2020, the FP Canada Standards Council marked its first fiscal year under its new structure as a division of FP Canada, carrying on its responsibility of professional oversight in the public interest.

The Standards Council’s primary goals are to ensure the standards are fair and transparent, and that financial planners are appropriately qualified individuals, held to high ethical and professional standards.
Financial planners certified by FP Canada are required to place their clients’ interests above all others, mitigate conflicts in their clients’ favour, and, by demonstrating the care, skill and diligence of prudent professionals, uphold the duty of loyalty that is a fundamental expectation of all professions.

 

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 setting the standards of the profession and enforcing those standards. The Panels’ membership reflects diversity of experience and national representation.
  • Many other people volunteer their time and expertise as item writers, mock exam writers and exam markers.
  • With the volunteer support of CFP® professionals, every five years, the Standards Council revalidates the Competency Profile, which outlines the core knowledge, skills and abilities required for competent financial practice.

 

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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. Through continuing education, it ensures that FP Canada certificants continue to meet the required standards of competence and professional behaviour.
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2019 GUIDANCE INCLUDED:

  • Failure to act with integrity, or in the best interests, or to perform due diligence
  • Inaccurate and misleading product recommendations
FP Canada posts anonymized guidance letters on its website to remind certificants and to inform the public about the expected level of professional conduct.

2019 HEARING PANEL DECISIONS

All decisions issued by a Hearing or Appeal Panel are published on FP Canada’s website. A certificant’s disciplinary history is also linked to the Find a Planner Tool.

FP Canada maintains a publicly accessible, historically searchable database.