QAFP™ professionals and CFP® professionals have an obligation to ensure their knowledge and competence remains current. To renew certification, CFP professionals must complete 25 hours of continuing education (CE) annually, including two hours in the category of Professional Responsibility; and QAFP professionals must complete 12 hours of CE annually, including one hour in the category of Professional Responsibility.
FP Canada™ has been approved by the Mutual Fund Dealers Association of Canada (MFDA) as a Third Party Accreditor for Continuing Education (CE). As a Third Party Accreditor, FP Canada is recognized by the MFDA to perform assessments of CE
activity against standards established by the MFDA. This important recognition from the MFDA recognizes the merits of the longstanding FP Canada CE Approval Program.
New CE requirements for all MFDA Approved Persons come into effect on December 1, 2021. Each CE activity must be accredited by Accreditors recognized by the MFDA in order to count towards the fulfilment of the new CE requirements.
FP Canada completed a rigorous application process to earn approval as a Third Party Accreditor. To be approved by the MFDA, Third Party Accreditors must prove that they have at least five years’ experience in acting as a non-profit professional body which administers established proficiency requirements for a certification or designation related to the securities industry, have a code of ethics, and have an enforcement regime which includes a formal, transparent disciplinary process. Applicants must also provide a detailed outline of their CE accreditation policies and procedures, and demonstrate how those processes align with the MFDA’s accreditation requirements.
Given that more than 40% of FP Canada certificants are also MFDA licensed, the opportunity to have programs accredited both for FP Canada CE requirements and MFDA CE requirements is beneficial for both CE providers and professional financial planners.
Beginning Dec. 1st, organizations that submit courses as part of the FP Canada CE Approval Program will have the opportunity to have those courses reviewed for accreditation by the MFDA at no additional cost (the cost remains the same with FP Canada). Providers must then register the program separately with the MFDA, and a fee will be required by the MFDA.
In recognition of the important role financial planners play in the overall well-being of their communities in times such as these, there is a change to the continuing education (CE) requirements for the 2020 calendar year. For 2020 only, we have removed the cap on credits in the “Giving Back” category and are allowing carry-over of credits in this category to 2021. This does not affect the total CE credit requirements for the year, or the minimum annual requirements in the other categories.
Thank you to all CFP® professionals and QAFP™ professionals who continue to generously give your time and expert guidance to those most in need during these difficult times for all.
|CFP Professionals||QAFP Professionals|
(January 1 - December 31)
|BREAKDOWN BY CATEGORY||Minimum Annual Credits||Maximum Annual Credits||Carry-Over Permitted to Next Calendar Year||Minimum Annual Credits||Maximum Annual Credits||Carry-Over Permitted to Next Calendar Year|
5 combined for two categories unlimited +
|5||No||No minimum||4 +|
* Additional credits in the Professional Responsibility category may be applied under the Financial Planning category.
FP Canada’s CE requirements go beyond maintaining technical competence. They are designed to support the maintenance and ongoing professional development required to continue meeting client needs. CE requirements include the following five categories:
Qualifying CE must be related to one or more aspects of the FP Canada Standards Council™ Competency Profile, the foundation of certification requirements leading to CFP certification. CE in this category may relate to one or more of the financial planning areas, professional skills and technical knowledge.
The Professional Responsibility requirement is designed to support and enhance your understanding of your professional and ethical duties and to provide approaches for identifying and addressing common ethical dilemmas and challenges. Qualifying CE requires practical application of the principles and rules in the FP Canada Standards Council Standards of Professional Responsibility to ethical dilemmas that financial planners commonly encounter. CE should include the use of scenarios and/or practical examples to illustrate the situations. CE activities that focus on direct knowledge or rote recall of the Standards of Professional Responsibility without demonstrated understanding and application will not qualify.
Examples of Qualifying CE:
Examples of Non-Qualifying CE:
Qualifying CE includes the knowledge and skills used in building professional relationships and growing a professional practice. CE in this category may include activities focused on business planning, business development, networking or sales skills.
Qualifying CE includes the product knowledge that planners may use to advise on and sell products or comment on products held by their clients. CE in this category may be focused on any financial planning product, including investment, insurance or debt. Ideally, CE should present a balanced view of the product that includes features and benefits as well as client suitability, risks and costs. The content of CE should help you make product recommendations based on the fit of the product with your client’s situation rather than on the product’s returns.
Qualifying CE includes volunteering with: FP Canada, community organizations, industry associations, and charitable groups, in a way that helps Canadians understand the importance of financial planning and/or enhances their financial well-being. CE in this category may include involvement in pro bono teaching or development of education programs, community involvement, development of published financial planning research, or involvement in financial planning-related committees, task forces, or focus groups.
For more information about continuing education requirements, visit our Meeting Your CE Requirements page or FAQ: Continuing Education. If you have further questions, contact FP Canada Certificant and Student Services at firstname.lastname@example.org, 416-593-8587 or 1-800-305-9886. Our office is open from Monday to Friday, 9:00 a.m. to 5:00 p.m. ET.