FAQ: FPSC

What is Financial Planners Standards Council?

Financial Planners Standards Council (FPSC), incorporated on November 10, 1995, as a not-for-profit organization, is here to benefit the public by leading the evolution of the financial planning profession in Canada through the development, enforcement and promotion of the highest competency and ethical standards in financial planning as defined by individuals who have earned the Certified Financial Planner® (CFP®) designation.

Who created Financial Planners Standards Council?

FPSC was formed on the initiative of organizations whose members deal with the personal finances of individuals. It continues to be supported by: The Financial Advisors Association of Canada (Advocis); The Canadian Institute of Chartered Accountants; The Canadian Institute of Financial Planning; Certified General Accountants Association of Canada; Certified Management Accountants of Canada; and Credit Union Institute of Canada.

These six associations believe the public needs a uniform way to identify professional financial planners throughout Canada and in all segments of the financial services industry. They believe the best way to accomplish this is for the financial planning profession to coalesce around a single credential. They also believe it is important that Canada participate in the international movement toward the establishment of a globally recognized financial planning profession. FPSC was formed as a result of their desire to be proactive in these areas.

Where is the CFP designation recognized?

The CFP is the only internationally recognized financial planning designation. There are currently organizations in 19 countries awarding the CFP designation: Canada, the United States, Australia, Austria, Brazil, Chinese Taipei, France, Germany, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Singapore, South Africa, South Korea, Switzerland and the United Kingdom. Bermuda and Belgium are currently Associate Members of Financial Planning Standards Board (FPSB) and efforts to create a CFP certification program are currently underway in Italy, Greece and the Netherlands. The marks are currently registered or pending registration in all countries of the European Union. FPSC is the second largest member of FPSB.

How will the CFP designation earn the confidence of the public?

FPSC continues to develop and regulate standards that are relevant to the current financial planning needs of Canadians. It recognizes the evolutionary nature of these needs and works to keep abreast of them. Financial planners who have earned the CFP designation adhere to a rigorous set of uniform and relevant standards. CFP practitioners have proven themselves competent in the provision of comprehensive financial planning advice, they are committed to continuing education and they must conduct themselves according to the highest standards of professional ethics. The CFP designation is a hallmark of professional excellence in which trust can be placed, and it is at the forefront of the international development of financial planning as a profession.

How can the public find a planner who has earned the CFP designation?

CFP professionals work in every segment of the financial services industry; they can be found in banks, credit unions, insurance companies, investment firms and small and large financial groups.