Canadian Financial Planning Definitions, Standards & Competencies
The Canadian Financial Planning Definitions, Standards & Competencies is the first unified, definitive source on financial planning definitions and professional financial planning standards in Canadian history.
This joint publication of Financial Planning Standards Council (FPSC) and Institut québécois de planification financière (IQPF) performs an important role in providing consistency within the financial planning profession by specifying unified standards for those practicing within it. It acts as a resource to financial services firms, financial planning educators, practitioners and the Canadian public.
Read the Canadian Financial Planning Definitions, Standards & Competencies: English (PDF) | French (PDF).
Projection Assumption Guidelines
An important facet of financial planning involves projecting clients’ progress toward meeting their important life goals in areas that include retirement, child education and insurance. To make these projections, financial planners must estimate future inflation and borrowing rates, rates of return and life expectancy. In short, financial projections must make a series of assumptions.
Financial Planning Standards Council (FPSC) and Institut québécois de planification financière (IQPF) have released unified Projection Assumption Guidelines. Developed by a committee of actuarial and financial planning professionals and updated annually, the Projection Assumption Guidelines are intended as an aid in making medium and long-term financial projections that are free from potential financial planner biases or predispositions.
As guidance, the assumptions acknowledge that each client situation is different and that financial planners will and should deviate from these assumptions when the client’s situation justifies doing so.
The first unified Projection Assumption Guidelines followed on the heels of the 2015 release of the Canadian Financial Planning Definitions, Standards & Competencies - a joint publication of FPSC & IQPF, the two organizations that establish and maintain standards for the financial planning profession in Canada. The national standards and definitions were developed in consultation with financial planners and industry firms from across the country.
Read the 2016 Projection Assumption Guidelines in Canada.
Amendent to FPSC® Fitness Standards
In December 2015, the FPSC Board of Directors approved a motion by the FPSC Enforcement Policy Committee, a subcommittee of the Board comprised of members of the public and CFP® professionals, to amend the FPSC® Fitness Standards to include the following additional presumptive bar to new or continued certification:
|Being found, by an FPSC-Approved Core Curriculum or FPSC-Approved Capstone Course provider, to have breached the education provider’s code of ethics or code of conduct, and/or to have engaged in academic misconduct. |
This new presumptive bar provides a specific mechanism and framework for review of individuals on the path to certification who are found to have engaged in academic misconduct, allowing FPSC to review their conduct and evaluate their fitness for certification. This amendment supports FPSC’s commitment to the highest certification standards and levels of professionalism and ethical conduct, in the public interest.
Cooperative Agreements with Educators
In further support of FPSC’s commitment to the highest standards and ethical conduct in those it certifies, FPSC has entered into information sharing agreements with various education providers. Through these formalized relationships, FPSC-Approved Core Curriculum educators and FPSC-Approved Capstone Course educators have agreed to provide FPSC with, among other information, reporting of any instance in which a student is found to have breached their student code of conduct.
FPSC is grateful for the leadership and commitment to professionalism that these education providers have shown and looks forward to working collaboratively with them in support of FPSC’s public interest mandate.
In all instances, regardless of whether a formal information sharing agreement exists, we encourage education providers to report to FPSC findings of academic misconduct involving FPSC certificants or individuals on the path to certification.
If you would like to discuss entering into an information sharing agreement with FPSC, please contact FPSC’s Director, Standards and Enforcement, at firstname.lastname@example.org.