Standards and Enforcement

FP Canada™ certificants are required to adhere to rigorous standards that are set and enforced by the FP Canada Standards Council™; the Standards of Professional Responsibility. These standards are maintained by the Standards Panel—an independent panel composed of of CFP® professionals and members of the public. The Standards of Professional Responsibility are regularly reviewed to ensure they are relevant, keep pace with changes in the financial planning profession, and meet the expectations and needs of Canadians.

Where an FP Canada certificant is found to have breached the Standards of Professional Responsibility, by an FP Canada Standards Council Discipline Hearing Panel, discipline sanctions range from a letter of admonishment to suspension or revocation of certification.

Standards Expected of FP Canada Certificants

The FP Canada Standards Council Standards of Professional Responsibility includes the:

All FP Canada certificants are held to the standards detailed in the Standards of Professional Responsibility.

View previous versions of the Standards of Professional Responsibility.

 

Enforcement of Standards

Make a Complaint About a Financial Planner

FP Canada Standards Council vigilantly guards the trust that Canadians have placed in FP Canada certificants by addressing concerns that come to our attention and thoroughly reviewing allegations of professional misconduct.

Many issues are the result of miscommunication between parties. The first step is to speak with your financial planner for clarification and to ensure your financial planner is aware of your concerns. In some instances, a discussion can resolve the concerns.

To submit a formal complaint about the actions of a FP Canada certificant, please complete the Complaint Form.
Submit a Formal Complaint

 

Complaint Review and Enforcement Process

All complaints are subject to an initial assessment to determine if the complaint raises allegations that may, if shown to be true, constitute a breach of the Standards of Professional Responsibility.

Complaints may be resolved at the initial review stage or escalated to a formal investigation.

The FP Canada Standards Council Executive Director has the authority to initiate investigations where there is a reasonable suspicion that a certificant engaged in conduct that may breach the Standards of Professional Responsibility.

The Conduct Review Panel, an independent panel composed of CFP® professionals and a public member, determines the appropriate disposition of complaints that escalate to a formal investigation. The Conduct Review Panel has the authority to:

  • Dismiss the matter where it is determined that further review is unwarranted or unlikely to result in a finding of misconduct; or
  • Dismiss the matter with a letter of Guidance and Advice; or
  • Refer the matter to a Hearing Panel.

Following consideration and referral by the Conduct Review Panel, an independent Hearing Panel is convened to consider allegations of professional misconduct. The Standards Council provides notice of upcoming Hearings and Appeal Hearings.

In accordance with the FP Canada Standards Council Policy on the Publication of Disciplinary Information, all decisions issued by a Hearing or Appeal Panel are published on FP Canada's website. View Reports on Disciplinary Actions. A certificant's disciplinary history is also linked to the Find a Planner or Certificant tool on FP Canada's website and a publicly accessible, historically searchable database is maintained by FP Canada.

Read more about the Enforcement Process.

 

The Standards Council’s Annual Reports

The report details the Standards Council’s professional oversight role and ongoing work in the public interest by setting and enforcing professional standards for CFP® professionals and FPSC Level 1® Certificants in Financial Planning.

 

 

 

 

   The Annual Report includes an overview of the Standards Council’s complaint intake and disciplinary activity during 2018. It also    offers insights into current areas of focus and trends noted by the Enforcement Department and by the Independent Panels that    support the Standards Council.
   2017 | 2016