FPSC Protects Canadians through High Standards

April 27,1998 - Toronto. The Financial Planners Standards Council (FPSC) draws on expertise from all areas of the financial planning industry to set standards in education, examination, experience and ethics for financial planners wishing to obtain and use the Certified Financial Planner ("CFP") certification mark.

Consumers confused about the wide variety of titles used by those offering financial advice can rely on the CFP designation as a guarantee that the planner has met FPSC's high standards.

FPSC was formed in November of 1995 to address consumer confusion about financial planners' qualifications. Its highly regarded CFP designation has gained tremendous respect in both the financial planning community and by investors. It has become an employment requirement at many financial services companies. It is the internationally accepted standard for financial planning and is recognized throughout the United States, the United Kingdom, Australia, New Zealand, France and Germany.

"Any attempt to add another set of standards for financial planners will do nothing more than, once again, confuse Canadians and those hoping to become professional financial planners," says Don Johnston, president of the FPSC. Some FPSC's members and a number of colleges and universities offer educational courses for those interested in gaining and using the unified CFP designation.

FPSC has recently received the resignation of two of its members who plan to set and follow their own financial planning standards. "This is a real disappointment to those concerned about the future of responsible financial planning," says Johnston.

FPSC relies on input in its standard setting from all stakeholders in the financial planning profession. Its members include the Canadian Association of Financial Planners, the Canadian Association of Insurance and Financial Advisors, the Canadian Institute of Financial Planning, the Canadian Institute of Chartered Accountants, the Certified General Accountants Association of Canada, the Credit Union Institute of Canada and the Society of Management Accountants of Canada.

"Serious financial planners will continue to pursue the CFP credential," says Johnston. "Financial planning is much more than simply selling securities. While we welcome and promote the self-regulation of the industry, we question the appropriateness of securities self-regulatory bodies setting standards for financial planners independent of the other industry participants."