Financial Planning Standards Council’s Standards Panel has proposed amendments to the Standards of Professional Responsibility for CFP® Professionals and FPSC Level 1® Certificants in Financial Planning. The proposed amendments will continue to advance professional financial planning in Canada.
FPSC invites input on the proposed amendments until Friday, September 14th, 2018 at 5:00 p.m. ET. Comments should be submitted in writing to email@example.com with reference to the specific amendment or Rule you are commenting on. Comments should focus, primarily, on the provisions of the Standards of Professional Responsibility that have been amended (i.e., revised rules) or added (i.e. new Rules).
The Standards Panel will review the feedback received and consider, as appropriate, further revisions to the Standards of Professional Responsibility based on that input. The new standards will take effect in January 2019.
A full copy of the proposed new Standards of Professional Responsibility is available here.
The below chart summarizes the proposed amendments to the Standards of Professional Responsibility
In addition to the specific changes highlighted above, the Standards Panel has proposed changes to:
- The format of the Rules of Conduct to improve the overall flow and readability of the document by grouping like rules together and by inserting headings;
- Ensure gender neutral language is used throughout the document and the consistent use of “Certificant”; and
- Revise the definitions in the glossary to ensure consistency with those in the Canadian Financial Planning Definitions Standards and Competencies book and the FPSC Competency Profile (revised in 2017). In addition, the definition of “client” has been amended to capture individual and corporate clients.