Code of Ethics
A Code of Ethics is the cornerstone of any recognized professional designation. Doctors, dentists, lawyers and accountants, for instance, must adhere to a Code of Ethics within their respective professions. Anyone who strays from the Code risks losing their licence. In the world of financial services, there are many designations. The CFP designation is the only one that demands strict adherence to a professional Code of Ethics specific to the practice of financial planning.
Since financial planning in Canada is not nationally regulated, it is the CFP standards of competency and ethical behaviour that define the profession of financial planning. Throughout Canada, the public can look to the CFP designation as a mark of quality and professional integrity.
CFP professionals can specialize in many different disciplines and may be compensated by a variety of means. Regardless of whether they are actively involved in financial planning or in other areas of financial services, all CFP professionals must subscribe to the same Code of Ethics based on seven Principles: Integrity, Objectivity, Competence, Fairness, Confidentiality, Professionalism and Diligence. These Principles recognize the individual CFP professional's responsibilities to the public, clients, colleagues, employers and the profession.
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