FP Canada Standards Council™ announces release of its 2022 report

The 2022 report contains key updates on activities from the Standards Council and its ongoing efforts to ensure that professional financial planners are held to high standards of competence, professionalism and ethical conduct.

TORONTO, Aug. 16, 2023 /CNW/ - The FP Canada Standards Council today announced the release of the FP Canada Standards Council 2022 Report highlighting the Standard Council's activities, including updates to existing standards and guidelines. The Standards Council sets the certification requirements for Certified Financial Planner^® professionals and Qualified Associate Financial Planner™ professionals across Canada. It also maintains and enforces financial planning standards, in the public interest, in order to foster trust in the financial planning profession.

The 2022 report includes an overview of complaint intake and disciplinary activity in 2022 and offers insights into current areas of focus and trends noted by the enforcement department and by the independent panels that support the Standards Council.

Here are just a few highlights of the Standards Council's 2022 activities:

• The 2022 Projection Assumption Guidelines were released in partnership with the Institut québécois de planification financière (IQPF). The guidelines are a key tool that have been published annually since 2015 to support financial planners when making long-term projections, ensuring they are free from bias and based on sound assumptions;
• The publication of new guidance by the Conduct Review Panel related to disclosure requirements;
• A review and revalidation of the FP Canada Standards Council Competency Profile, resulting in the development of two distinct competency profiles: one for CFP^® professionals and one for QAFP^® professionals, reflecting the fact that the certifications and expectations in practice are distinct;
• The launch of the reimagined QAFP certification and updated path to QAFP certification, focused on accessibility and aligned to the specific knowledge and competency expectations for practicing QAFP professionals;
• Continued flexibility for exam candidates through in-person and remote-proctoring options and the addition of an exam administration early in the calendar year in February; and
• The delivery of continuing education programs and industry events designed to support professional financial planners in meeting their professional and ethical obligations, including during Financial Planning Week and at the inaugural 2022 Dialogue event. Hosted by the Standards Council, the Dialogue event is designed to bring industry and regulatory leaders together to discuss trends and relevant activities.

"The Standards Council is dedicated to supporting professional financial planners in understanding and meeting their professional responsibilities," said Damienne Lebrun-Reid, Vice President of Standards, Certification and Enforcement at FP Canada. "In 2022, the Standards Council embraced opportunities to support financial planners and ensure they have the knowledge, competencies and tools to meet the high standards of professionalism expected by Canadians."

View the full 2022 report from the FP Canada Standards Council at the FP Canada website. 

About FP Canada

Established in 1995, FP Canada is a national not-for-profit education, certification and professional oversight organization working in the public interest. FP Canada is dedicated to championing better financial wellness for all Canadians by leading the advancement of professional financial planning in Canada.

About the FP Canada Standards Council

A division of FP Canada, the FP Canada Standards Council establishes and enforces financial planning standards, sets the certification requirements for professional financial planners and develops and delivers certification exams. The FP Canada Standards Council ensures that professionals certified by FP Canada―Certified Financial Planner professionals and Qualified Associate Financial Planner professionals―meet appropriate standards of competence and professionalism through requirements of education, exam, experience and ethics.

SOURCE FP Canada

Media inquiries contact: Lee-Anne Goodman FP Canada, [email protected]