Financial Planning Practice Guidance

Conduct Review Panel’s Notice to FP Canada™ Certificants

In January 2023, the Conduct Review Panel published guidance for CFP^® professionals and QAFP^® professionals related to disclosure requirements. The guidance identifies the two most common complaints that the CRP has recently considered relating to failure to disclose: conflicts of interest and compensation. The guidance also explains how FP Canada’s Terms of Engagement tool can help CFP professionals and QAFP professionals write and update client engagement letters to meet their professional disclosure requirements.

In April 2021, the Conduct Review Panel published a notice to remind certificants that just as one’s conduct in providing professional services can reflect on a certificant’s integrity, it must be understood that "off duty" conduct can also, in some circumstances, reflect negatively on their professional integrity. Certificants must always act with integrity and professionalism within and outside their financial planning practice.

In December 2019, the Conduct Review Panel published two notices to FP Canada certificants:

• Conflicts of Interest - Acting as a Power of Attorney or Estate Executor.
  This notice provides practical examples and illustrates the conflicts created by concurrently acting as a Power of Attorney for Property or Estate Executor and a financial planner.

Reporting Obligations to FP Canada and the Consequence of Failing to Report.
This notice is a reminder to existing FP Canada certificants and those applying for certification, renewed certification or reinstatement of their professional obligations to report to FP Canada.

In December 2018, the Conduct Review Panel published a notice on Taking Instructions from a Third Party, to remind FP Canada certificants of their professional obligations and provide additional guidance on handling individual and joint client relationships.

In the Fall 2016 issue of the FP Standard, the Conduct Review Panel published this notice regarding a recent pattern of allegations and the corresponding guidance to certificants to meet their professional obligations.