FPSC Releases Proposed Changes to Eligibility Requirements for CFP Certification

Toronto, June 24, 2007 — Financial Planners Standards Council (FPSC) has today released proposed changes to the eligibility requirements for CFP certification. FPSC is releasing these proposed changes and welcoming feedback from interested stakeholders until September 23, 2008. The Exposure Draft outlining the proposed changes can be viewed at FPSC's website at www.fpsccanada.org. Comments can be sent to FPSC via email at exposuredraft@fpsccanada.org.

"We are excited about this development as we are proposing a path that will even further enable the success of future candidates entering the profession, from the point of entry into an education program through to CFP certification," says Cary List, CEO and President, FPSC. "Reflecting the needs of an ever-evolving profession, these changes will more fully support future CFP candidates in acquiring the requisite competence and ultimately help them to best serve the public," adds List.

These proposed changes are in keeping with FPSC's mandate of developing, leading and promoting the highest competency and ethical standards in financial planning in Canada. The changes also better align the CFP certification process with the CFP Professional Competency Profile. Released in 2006, the Competency Profile substantially helped to further define the role of a CFP professional in helping Canadians achieve their life goals. Providing a detailed articulation of the vast array of knowledge, skills and competencies that are required of a professional financial planner, the Profile has since become the foundation for FPSC in reviewing and refining the CFP certification program.

This evolution of the CFP certification program will better serve all stakeholders within the financial planning landscape.

"Candidates for CFP certification will have an opportunity to demonstrate their competence in serving the financial planning needs of Canadians through a progressive certification process that provides them with a pathway to success; employers will be assured of a credential that continues to earn its reputation as the highest standard in financial planning; and the public will continue to be assured that a CFP professional holds the credential that represents the appropriate competence and ethical standards in financial planning to serve their needs," says List.

Highlights of the Proposed Changes:

The CFP certification program will continue to follow the "four E" model with requirements in: Education, Experience, Examination and Ethics. Highlights of key changes include:

• Requirement for the successful completion of a capstone course that focuses on integrating knowledge gained in the core curriculum across the financial planning competency and knowledge domains, and requiring the completion of a financial plan;
• Increasing the financial planning work experience requirement from two years to three years;
• Change to a two-stage exam process.

See Exposure Draft for further detail and additional proposed changes.

The proposed timing for the new program to be in effect is January 1, 2010.

About Financial Planners Standards Council

Financial Planners Standards Council (FPSC) is a not-for-profit organization established in 1995 to lead the development of the financial planning profession. FPSC develops and enforces the most rigorous standards in financial planning competency and ethics for individuals who hold CERTIFIED FINANCIAL PLANNER certification in Canada. These individuals are licensed by FPSC to use the registered marks: CFP, CERTIFIED FINANCIAL PLANNER and CFP (with flame logo). There are currently more than 17,000 CFP professionals in Canada and more than 110,000 individuals who have earned CFP certification in 20 countries around the world.

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TO ARRANGE MEDIA INTERVIEWS OR FOR FURTHER INFORMATION, CONTACT:

Heather Mills/FPSC at 416.593.8587 ext. 235 or hmills@fpsccanada.org

Eileen Chadnick/Chadnick Communications at at 416.631.7431 or eileen@chadnick.com