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Practice Standards

FPSC Resource for Practice Standard 100 

Practice Standards Q&A

We are pleased to share with you this very important next step in the evolution of the financial planning profession and the CFP designation - the implementation of CFP Financial Planning Practice Standards for CFP professionals.

To ensure consistency of delivery of financial planning services, FPSC has developed the following standards of performance - or practice standards - for CFP professionals to follow when engaged in financial planning.

FPSC already has a strict Code of Ethics and set of Disciplinary Rules and Procedures that all CFP professionals must follow. While these identify the ethical standards expected of all CFP professionals, regardless of the duties they perform in their jobs, they do not specifically define standards of performance as a financial planning practitioner. These are defined by the new CFP Practice Standards.

Following are the finalized CFP Financial Planning Practice Standards. They incorporate the valued and considered input received since the draft Practice Standards were introduced to the Canadian CFP community and financial planning industry in October 2003. They are now relevant and applicable to all CFP professionals in Canada in their practice of financial planning.

These Practice Standards clarify the respective roles and responsibilities of CFP professionals and their clients in a financial planning engagement. They expand on, and provide clarity and guidance with respect to how the existing CFP Code of Ethics and the financial planning process apply to each and every financial planning engagement. They do not represent new ethical or professional obligations for CFP professionals.

FPSC recognizes that for some individuals and firms, the Practice Standards may bring to light the need to make practical adjustments to their practices. And we appreciate that full incorporation of these changes may take time. FPSC's expectation is that all CFP professionals will begin to phase-in any necessary modifications to their practices in the months ahead so they are fully implemented by April 2006.

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CFP Financial Planning Practice Standards 
FPSC Resource for Practice Standard 100 

Practice Standards Q&A

E-mail your questions to standards@cfp-ca.org.