MOU will strengthen consumer protection in Ontario and British Columbia
TORONTO, May 4, 2016 /CNW/ - Financial Planning Standards Council (FPSC) and Insurance Council of British Columbia (ICBC) have signed a Memorandum of Understanding (MOU) that will leverage each organization's enforcement processes to provide more effective oversight and strengthen consumer protection in Ontario and British Columbia.
Under the MOU, FPSC and the ICBC will share information about upcoming hearings and disciplinary outcomes involving individuals who are dually certified and licensed by FPSC and the ICBC, respectively. In addition, in certain circumstances, FPSC and ICBC may share information about specific complaints received. The two organizations will also inform complainants about each other's mandate where appropriate, thereby assisting consumers in having their concerns heard and resolved.
Among other collaborative actions, ICBC will be reporting trademark violations to FPSC, as well as insurance license suspensions, which constitute a presumptive bar to continued or new certification from FPSC.
"This timely, cooperative sharing of information between our two organizations will enable each to strengthen consumer protection in both Ontario and BC," says Cary List, FPSC President and CEO. "Financial Planning Standards Council's collaboration with Insurance Council of British Columbia and other organizations leverages our respective expertise in order to best serve the public interest."
As the professional body responsible for the oversight of CFP® professionals and FPSC Level 1® Certificants in Financial Planning in Canada, FPSC develops and enforces rigorous ethical and professional standards for more than 18,700 certified individuals across the country. Several enhancements to FPSC's disciplinary review process were recently implemented following a comprehensive review of all of FPSC's enforcement processes, including the establishment of an independent Conduct Review Panel consisting of both CFP professionals and members of the public at large.
Collaborative work with organizations like ICBC ensures a holistic perspective to FPSC's professional disciplinary review efforts.
About Financial Planning Standards Council
As a standards-setting and certification body working in the public interest, FPSC's purpose is to drive value and instill confidence in financial planning. FPSC ensures those it certifies (Certified Financial Planner® 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 available at www.fpsc.ca.
About Insurance Council of British Columbia
Council regulates persons engaged in the distribution of insurance products in British Columbia under the framework provided by the Financial Institutions Act. Council serves the public by ensuring licensed insurance agents, salespersons and adjusters in British Columbia act within a professional framework, which promotes ethical conduct, integrity, and competence. More information is available at www.insurancecouncilofbc.com.
CFP®, Certified Financial Planner® and the CFP mark with flame design 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. © 2016 Financial Planning Standards Council. All rights reserved.
SOURCE Financial Planning Standards Council
For further information: Caroline Horcher, Manager, Public Affairs, Financial Planning Standards Council, [email protected], (416) 593-8587, ext. 232 or 1-800-305-9886