Financial Planning Body of Knowledge
The Financial Planning Body of Knowledge (FP-BoK) describes knowledge expected of CFP® professionals
and QAFPTM professionals.
KNOWLEDGE EXPECTED OF: Both CFP® Professionals and QAFPTM Professionals
- Identify that the provincial/territorial governments create insurance legislation through Insurance Acts.
- Identify that the provincial/territorial governments delegate insurance regulation to their respective insurance regulators.
- Identify the insurance regulators in Canada.1
- Identify that the applicable provincial/territorial insurance regulators oversee any product or service relationship between the insurance industry, a member of the insurance industry and the public through the Provincial/Territorial Insurance Acts.
- Explain the purpose of the applicable provincial/territorial insurance regulators.
- Explain the role of the provincial/territorial insurance regulators.
- Explain the provincial/territorial insurance acts’ broad principles of regulation, such as:
- Regulation of product distribution to consumers
- Consumer protection
- Identify the mandate of the Canadian Council of Insurance Regulators (CCIR).2
- Identify the mandate of the Canadian Insurance Services Regulatory Organizations (CISRO).3
- Identify the types of penalties that may be imposed for violating insurance legislation, such as:
- Suspension of licensed representative
- Deregistration as a licensed representative
- Monetary penalties
- Re-training or re-certification
- Criminal prosecution or imprisonment
- Identify that restrictions exist on insurance activities by a bank and their employees through the Bank Act.
- Identify the options available to insurance industry consumers for dispute resolution, such as:
- File a complaint with the insurance agent / broker / advisor / insurance company involved
- File a complaint with the Ombudsman for Life and Health Insurance (OLHI)
- File a complaint with the General Insurance Ombudsman (GIO)
- File a complaint with an insurance regulator
- Take legal action
Glossary of Verbs (mouse over to see definition)
Read more about the Taxonomy used in the FP-BoK
To state exactly the meaning of
To be aware of / to recognize and correctly name / to locate an appropriate resource
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
To note the similarities and differences between two or more things
To determine an approximate value for
To find the value using mathematics
To change from one form or purpose to another
To reach a conclusion or make a judgement through careful study
To give the meaning of / to construe or understand / to translate orally