CFP® professionals and FPSC 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 FPSC, define the ethical and professional responsibilities of CFP professionals and FPSC Level 1 certificants. Read more about the August 2015 changes to the FPSC® Rules of Conduct. The Standards of Professional Responsibility encompass four sets of standards:
- FPSC® Code of Ethics
- FPSC® Rules of Conduct
- FPSC® Fitness Standards
- FPSC® Financial Planning Practice Standards
FPSC vigilantly guards the trust Canadians have placed in CFP professionals and FPSC Level 1 certificants. Under the direction of Standards and Enforcement, FPSC 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, FPSC 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 FPSC Level 1 certificant, the severest sanction is expulsion from the FPSC 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, FPSC works closely with other accrediting, licensing and regulatory organizations when appropriate.
FPSC makes all final disciplinary actions public by publishing Reports on Disciplinary Actions in accordance with the Policy on the Publication of Disciplinary Information. All FPSC 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 FPSC Level 1 certificant, please see How to Lodge a Complaint with FPSC.
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 FPSC 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.