CFP® FINANCIAL PLANNING PRACTICE STANDARDS NOW ON WEBSITE FOR REVIEW AND COMMENT
February 12, 2003, Toronto —Comprehensive financial planning practice standards developed by Financial Planners Standards Council (FPSC) to guide CFP professionals are now posted on FPSC's website at www.cfp-ca.org. This current version of the Practice Standards is the result of a comprehensive development effort begun in 2001 and involved extensive industry consultation.
Industry participants are invited to review this latest draft and provide further comment for FPSC's consideration in finalizing the Practice Standards scheduled for implementation in the fall of 2003.
The Practice Standards provide practical direction to CFP professionals engaged in the practice of financial planning and help to provide greater consumer awareness and understanding of financial planning services. The Practice Standards will form the blueprint that will guide the actions of CFP professionals in their client/planner relationships.
"Each CFP professional is an ambassador of the entire CFP community, whether providing financial planning services or engaging in other related financial services," says Cary List, Vice President, Standards & Certification, FPSC. "The Practice Standards will ultimately provide consistency among the diverse community of CFP professionals, advance the financial planning profession and benefit the industry and the public."
Directly linked to the Code of Ethics, the Practice Standards do not represent new ethical or professional obligations for CFP professionals. Rather, they interpret the application of the Code, as it relates specifically to the practice of financial planning, in tangible and practical terms. Specifically, they set the expectations of a CFP professional when acting in the capacity of a financial planning practitioner.
In addition, the Practice Standards provide guidance for CFP licensees who may at times offer services outside of the financial planning realm. Recognizing the diversity of the profession, it is imperative all professionals holding the CFP designation follow standards and practices that adhere to the letter and spirit of the CFP Code of Ethics.
In Canada: Financial Planners Standards Council is a not-for-profit organization dedicated to benefiting Canadians and the financial planning profession by establishing and enforcing education, examination, experience and ethics requirements for individuals who choose to earn the CFP designation. There are currently more than 15,000 planners licensed to use the CFP marks in Canada.
Media Contacts:
Eileen Chadnick/Chadnick Communications 416.631.7437 or
eileen@chadnick.com
Ann Bowman/FPSC 416.593.8587 x 225 or
abowman@cfp-ca.org
CFP®, CERTIFIED FINANCIAL PLANNER® and are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. (FPSB). Financial Planners Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB.
are certification marks