Certified Financial Planner® professional FP Canada Level 1® Certificants in Financial Planning adhere to rigorous standards and have a written obligation to put clients’ interests ahead of their own. Ensuring adherence to these standards protects both the Canadian public and the reputation of the financial planning profession.
The Standards of Professional Responsibility for CFP Professionals and FPSC Level 1 Certificants in Financial Planning, set and enforced by FP Canada, define the ethical and professional responsibilities of CFP professionals and FP Canada Level 1 certificants. Please note that changes to the FP Canada Rules of Conduct took effect on August 1, 2015. The Standards of Professional Responsibility encompass four sets of standards:
FP Canada Code of Ethics
FP Canada Rules of Conduct
FP Canada Fitness Standards
FP Canada Financial Planning Practice Standards
FP Canada vigilantly guards the trust Canadians have placed in CFP professionals and FP Canada Level 1 certificants. Under the direction of Standards and Enforcement, FP Canada promptly addresses all concerns that come to our attention and thoroughly investigates all allegations of misconduct.
Where a CFP professional has been found to have breached a provision of one of the above standards, FP Canada can take disciplinary action ranging from a letter of admonishment to permanent revocation of the right to use the CFP Marks.
Where the individual is an FP Canada Level 1 certificant, the severest sanction is expulsion from the FP Canada Level 1 certification program, thereby preventing the individual from ever obtaining CFP certification.
Because financial professionals often hold more than one credential or financial licence, FP Canada works closely with other accrediting, licensing and regulatory organizations when appropriate.
FP Canada makes all final disciplinary actions public by publishing Reports on Disciplinary Actions in accordance with the Policy on the Publication of Disciplinary Information. All FP Canada investigations are confidential and will only be made public in very exceptional circumstances in accordance with the policy on the Disclosure of Investigations and Interim Suspensions.
To lodge a complaint against a CFP professional or FP Canada Level 1 certificant, please see How to Lodge a Complaint with FP Canada.
Standards prior to 2012
Prior to the release of the Standards of Professional Responsibility on December 13, 2011, CFP professionals were governed by the provisions of the CFP Code of Ethics and the CFP Financial Planning Practice Standards. Depending upon when the alleged misconduct occurred, these documents may continue to apply.
Any complaints alleging misconduct by a current CFP professional or FP Canada Level 1 certificant that occurred prior to April 1, 2012 or March 1, 2012 respectively will be governed by the previous CFP Code of Ethics and CFP Financial Planning Practice Standards.
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To find out more about how you are protected as a consumer, read How to Lodge a Complaint and Canadian Financial Planning Definitions, Standards & Competencies.