Financial Planning Standards Council

April 01, 2015 17:13 ET

Financial Planning Coalition Adamantly Endorses New Unified Canadian Standards for Profession

TORONTO, ONTARIO--(Marketwired - April 1, 2015) - The Financial Planning Coalition has long advocated for a common set of national standards for individuals who hold themselves out as financial planners. To this end, the Coalition has been working on a framework for the official recognition of financial planning as a distinct profession. The recent announcement by Financial Planning Standards Council (FPSC) and the Institut québécois de planification financière (IQPF) regarding the publication of unified Canadian definitions and standards can be viewed as a significant milestone toward this critical consumer protection issue.

A survey recently released by the Coalition revealed that, while many Canadians feel they have insufficient knowledge to adequately plan their financial future, they are also unaware of the lack of mandatory standards for financial planners throughout most of Canada. Fewer than half of respondents (49 per cent) understood the unique role of a financial planner compared with other financial advisors, the qualifications for financial planners, or the manner in which they conduct their business. Many Canadians believe that they are currently protected through government regulation in this regard, however there is no restriction on title use in Canada outside of the province of Quebec.

Canadians deserve to know that when they work with someone who claims to be a financial planner, that they will be working with someone who has met strict, enforceable standards of competence, practice and ethics.

Scott Robertson, President of the Institute of Advanced Financial Planners (IAFP) notes, "The IAFP endorses the standards announced by the IQPF and the FPSC. Our members have been leaders in providing financial planning services for the past 30 years based on elevated standards of practice and ethics. We are working in collaboration with these two organizations, as well as the CIFPs, under the banner of the Financial Planning Coalition in an effort to bring about regulation of financial planning throughout the country. We view this announcement from FPSC and IQPF as bringing us all one step closer to having a regulated profession in Canada."

CIFPs President & CEO Keith Costello echoes this strong endorsement. "Financial planners hold a unique position within the financial services landscape. Unified Canadian standards, created in conjunction with the financial services industry and professional financial planners (both F.Pl. and Certified Financial Planner® professionals) through the two organizations in Canada that are responsible for the establishment and maintenance of standards for the financial planning profession, are a significant step toward eventual official recognition of the profession."

This spring, the Financial Planning Coalition intends to launch a campaign to garner political and consumer attention to this important, timely and quite significant concern.

About The Financial Planning Coalition

The Financial Planning Coalition was formed in 2009 to create a common set of national standards for individuals who hold themselves out as financial planners. The Coalition is currently working towards a framework for the official recognition of the financial planning profession that will best serve the public interests of Canadians. Members of the Coalition include the Financial Planning Standards Council (FPSC), Canadian Institute of Financial Planners (CIFPs), the Institute of Advanced Financial Planners (IAFP) and the Institut québécois de planification financière (IQPF). Each Coalition member organization has a mandate that supports professional standards in financial planning, is committed to serving the public interest, and engages in the education, certification and/or oversight of financial planners. More information is at coalitionforprofessionalstandards.ca.

For more information regarding the Canadian Financial Planning Definitions, Standards & Competencies contact:

Financial Planning Standards Council

Financial Planning Standards Council (FPSC®) is a not-for-profit organization which develops, promotes and enforces professional standards in financial planning through Certified Financial Planner®certification. FPSC's purpose is to instill confidence in the financial planning profession. As a standards-setting and certification body, FPSC ensures CFP® professionals and FPSC Level 1™ Certificants in Financial Planning meet appropriate standards of competence and professionalism through rigorous requirements of education, examination, experience and ethics. More information is at www.fpsc.ca.

The Institut québécois de planification financière

The Institut québécois de planification financière (IQPF) is the only organization in Quebec authorized to grant financial planning diplomas and to establish rules concerning the ongoing professional development of professional financial planners. Only professionals recognized by the Institut québécois de planification financière are authorized to use the title of Financial Planner (F.Pl.) in Quebec.

The IQPF is also the only organization in the province entirely dedicated to and reserved for financial planners. More information is at www.IQPF.org.

Contact Information

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