Financial Planning Standards Council

Financial Planning Standards Council

November 07, 2013 13:48 ET

Opening the Door to Recognition of Finanical Planning as a Profession Is an Important Step in Securing Ontarians' Financial Futures

Coalition for Professional Standards for Financial Planners welcomes Ontario Minister's announcement

TORONTO, ONTARIO--(Marketwired - Nov. 7, 2013) - Finance Minister Charles Sousa today announced the Ontario government's plan to investigate the merits of proceeding with more tailored regulation of financial planners and considering the appropriate regulatory framework for doing so. The Coalition for Professional Standards for Financial Planners (the Coalition) - a group working towards establishing a unified set of national standards and statutory recognition of financial planning as a profession, is supportive of a plan that would consider the professional self-regulation of financial planning in Ontario.

These comments in today's fall economic statement were welcomed by the Coalition, whose members include the Financial Planning Standards Council (FPSC®), Canadian Institute of Financial Planners (CIFPs), Institute of Advanced Financial Planners (IAFP) and Institut québécois de planification financiére (IQPF). Formed in 2009, 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.

"Formal recognition of financial planning as a profession, just as law, accounting, architecture and medicine are today, is the natural next and necessary step towards the development of a model that ensures consumers are appropriately served by financial planners from coast to coast to coast, irrespective of any other licensure regimes in which they work" says Cary List, Chair of the Coalition and President & CEO of the Financial Planning Standards Council .

"The current environment leaves consumers confused and vulnerable," adds List. "The unrestricted use of the term 'financial planner' as it exists today - without statutory title restrictions, standards or oversight - represents a significant risk to the financial well-being of Canadians. There is no common authority to oversee financial planning standards or the services of financial planners. Outside of Quebec, existing professional credentials are strictly voluntary, with no unified set of standards."

The Coalition members are encouraged by the Minister's statement and are pleased that the government shares their view that the issue deserves considerable consultation and debate - with a solution ultimately driven by those whose interests are based on what is best for the public and society as a whole.

"We are committed to working with the Ontario government and other stakeholders," says List, "toward the formal recognition of financial planning as a unique, clearly defined and necessary service that is essential to protecting consumers' financial wellbeing and securing Canadians' financial futures."

About The Coalition for Professional Standards for Financial Planning

The Coalition for Professional Standards for Financial Planning was formed in 2009 to create a common set of national standards for individuals who offer or claim to offer financial planning services. 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 financiére (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 http://coalitionforprofessionalstandards.ca/.

CFP®, Certified Financial Planner® and CFP are certification trademarks owned outside the U.S. by Financial Planning Standards Board Ltd. (FPSB). Financial Planning Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB. All other ® are registered trademarks of FPSC, unless indicated. © 2013 Financial Planning Standards Council. All rights reserved.

Contact Information

  • Caroline Horcher
    Financial Planning Standards Council
    chorcher@fpsc.ca
    416.593.8587, ext. 232 or 1.800.305.9886