Standards council updates certification and guidelines in 2023 Report

The report details updates to standards, certification requirements, and key activities

Standards council updates certification and guidelines in 2023 Report

The Standards Council has released its 2023 Report, highlighting recent activities, including updates to standards and guidelines.  

The Standards Council sets certification requirements for CFP and QAFP professionals in Canada and enforces financial planning standards in the public interest, fostering trust in the profession.   

The report provides an overview of complaint and disciplinary activity in 2023 and updates on trends observed by the enforcement department and the independent panels supporting the Standards Council.  

It also highlights key activities undertaken by these panels and the examinations department responsible for certification exams.   

One significant highlight of the Standards Council's 2023 activities was the publication of new guidance related to disclosure requirements and a rule interpretation bulletin on technology rules in the Standards of Professional Responsibility.  

The Council also conducted a review of the Standards of Professional Responsibility, resulting in the addition of two new Rules of Conduct, a new Practice Standard, and comprehensive updates to all Practice Standards.  

These changes were approved by the Standards Panel in March and took effect on June 1.   

Another major development was the launch of the FP Canada Standards Council Competency Profile for CFP Professionals and the FP Canada Standards Council Competency Profile for QAFP Professionals.  

These profiles outline the core knowledge, skills, and abilities required of these professionals and replace the previous FP Canada Standards Council Competency Profile.  

Additionally, the Standards Council conducted a review to ensure alignment between the Financial Planning Standards Board's Global Financial Planning Standards and the FP Canada Standards Council's Competency Profile for CFP Professionals and Standards of Professional Responsibility.   

The Standards Council engaged exam development volunteers through its Exam Panels, involving activities such as mock exam writing and the creation of new exam cases and questions.  

It also delivered continuing education programs and events to support financial planners in meeting their professional and ethical obligations, including activities during Financial Planning Week and the second annual Dialogue event.   

“In 2023, the Standards Council remained committed to supporting CFP professionals and QAFP professionals in meeting their ethical and professional responsibilities,” said Damienne Lebrun-Reid, vice president Standards, Certification and Enforcement and head of the FP Canada Standards Council.  

“By providing professional financial planners with the necessary knowledge and tools, we continued to ensure that they are well positioned to meet the needs of Canadians and act in the public interest.”