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Independent Panels Provide Oversight

Three independent panels play a direct role in setting, maintaining and enforcing the standards of the profession. The panels include CFP® professionals and members of the public. Their diverse members reflect a broad range of practice experience and come from across Canada.

Standards Panel 

    Conduct Review Panel 

    • Reviews staff reports and directs the appropriate disposition of complaints 
    • Provides guidance to the profession through anonymized Guidance and with Practice Guidance reports on emerging issues such as documenting the terms of engagement, or disclosure requirements for CFP professionals and QAFP professionals
    • A Guidance and Advice Search Tool allows the public to search the Guidance and Advice given by the Conduct Review Panel by year, keyword or open text. It increases access and promotes transparency for professional financial planners, stakeholders and the public. 

    Discipline Hearing Panel

    • Adjudicates each disciplinary matter and decides on the appropriate sanctions  
    • A Hearing Panel can also award costs of the proceeding against the QAFP professional or CFP professional.  


    FPO

    SET

    The Standards Council establishes financial planning standards

    These Standards are regularly updated so that they remain relevant and effective to protect Canadian consumers and support professional planners to understand their obligations. 

    • QAFP professionals and CFP professionals must agree to comply with The Standards of Professional Responsibility as a condition to new and continued certification.  
    • Failure to comply with the standards can result in professional discipline, with sanctions that range from a letter of admonishment to suspension or revocation of certification. 

    The Standards Council sets the certification requirements for QAFP professionals and CFP Professionals

    Certification requirements are a critical part of establishing professional standards. To obtain and maintain certification as a QAFP professional or CFP professional, candidates must: 

    • Complete a comprehensive education program
    • Pass a certification exam
    • Demonstrate relevant work experience 
    • Adhere to a strict Code of Ethics as well as Rules of Conduct, Fitness Standards and Practice Standards
    • Commit to annual continuing education  
    The Standards Council regularly reviews the certification requirements to ensure that QAFP professionals and CFP professionals certified by FP Canada meet the appropriate standards of competence and professionalism to protect the public interest.

    The Standards Council develops and delivers certification exams 

    Passing an FP Canada exam is mandatory to gain certification. The Standards Council’s two independent Exam Panels ensure that:  

    • The exams assess the competence of candidates for certification
    • Individuals who are qualified receive a passing score and individuals who are not qualified receive a failing score

    The FP Canada Standards Council Disciplinary Rules and Procedures for Examination Misconduct apply to cases of exam or exam-related misconduct by candidates. 

     

    FPO

    MAINTAIN 

    The Standards Council establishes Continuing Education requirements


    Standards for continuing education (CE) ensure that QAFP professionals and CFP professionals continue to maintain the required standards of competence and professionalism to meet a wide range of client needs.  

    • To ensure their knowledge and competence remain current, all QAFP professionals and CFP professionals must meet annual CE requirements to maintain certification. 

    • Random audits ensure compliance with these CE requirements. QAFP professionals and CFP professionals who do not meet them may be denied renewal of their certification.

     

    FPO

    ENFORCE

    The Standards Council enforces the Standards of Professional Responsibility

    Enforcing the standards ensures that:  

    • QAFP professionals and CFP professionals meet or exceed the rigorous standards expected of them
    • the public interest is protected 
    • FP Canada’s enforcement process is fair and transparent.

    The FP Canada Standards Council™  Disciplinary Rules and Procedures (DRP)  guide how the Standards Council conducts initial reviews and investigations into complaints involving QAFP professionals and CFP professionals. 


    Members of the public can make complaints about QAFP professionals and CFP professionals. 

    The Standards Council reviews complaints concerning:  

    • conduct that might breach the Standards of Professional Responsibility  
    • other conduct that could harm the reputation of the QAFP certification marks or CFP certification marks. 

    The Complaint Process overview provides a detailed description and visual overview of how FP Canada’s complaint process works. For additional information, please see: Fact Sheet  -  Filing a Complaint with FP Canada.

    Confidentiality is crucial to encourage openness and cooperation. By maintaining confidentiality in our reviews and investigations, parties can comfortably share information with us while we work to understand the facts. For additional information, please see our Information sheet on Confidentiality in our Enforcement process.

    The enforcement process has four stages 

    1. Intake and Initial Review

    Standards Council staff review all complaints received. They can close complaints with or without a staff caution, or the Head of the Standards Council can escalate them to investigations. Not every complaint proceeds to a formal investigation, and many are closed or resolved at this stage. 

    2. Investigation

    If the Head of the Standards Council determines that there are grounds for an investigation, the QAFP professional or CFP professional named in the complaint is notified. At the end of the investigation, the results are presented to the Conduct review Panel.

    If the Head of the Standards Council determines that there are grounds for an investigation, the QAFP professional or CFP professional named in the complaint is notified. At the end of the investigation, the results are presented to the Conduct review Panel

    3. Conduct Review Panel

    At this stage, complaints can be 

    • Closed
    • Closed with a Guidance and Advice letter
    • Referred to a Discipline Hearing Panel
    4. Disciplinary Hearing Panel 

    Before a hearing, the Standards Council publishes Statements of Allegations with details about the alleged misconduct on FP Canada’s website. 

    Sanctions range from an admonishment or a remedial action plan, to temporary suspension or permanent revocation of certification and the right to use the Certification Marks.  

     

    View Current and Completed Disciplinary Hearings →

     

    Published information Ensures Transparency

    • Letters of Guidance and Advice are published anonymously on FP Canada’s website to provide information to QAFP professionals and CFP professionals and the public about the type of conduct that is a concern to the Conduct Review Panel. 
    • Before a disciplinary hearing, the Standards Council publishes Statements of Allegations with details about the alleged misconduct on FP Canada’s website. 
    • All disciplinary hearing reports are published on FP Canada’s website, and disciplinary history is linked to the Find a Planner tool.

    Working with a Financial Planner

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