Obligation for Continuing Education

Successful exam candidates of CFP Examination written in 2004 or thereafter

For candidates who passed the Examination in June 2004 or thereafter, the commitment to CE commences upon passing the CFP Examination regardless of when the designation is conferred upon you.

Successful exam candidates will be required to start accumulating their CE credits in the second calendar year after the year in which they passed the CFP Examination. Therefore, the successful exam candidate is effectively exempt from their CE Requirements in the calendar year immediately following the year in which they pass the CFP Examination.

Successful exam candidates of CFP Examinations prior to 2004

CFP professionals are exempt from Continuing Education (CE) requirements in the year they obtain the CFP designation. They will be required to start accumulating their CE credits the following year.

Continuing Education (CE) Requirements

In order to maintain the high standard of competency, CFP professionals and successful exam candidates are obligated in meeting the requisite 30-hours of Continuing Education (CE) Requirements annually.

Of the 30 CE credits required, a minimum of 20 CE credits must be in the "technical" category with the remaining credits from the "general" category. A CFP professional can claim up to a maximum of 10 general CE credits per year. CE credits are acquired for the calendar year (between January 1 and December 31). However, programs spanning more than one year can be prorated over two years.

Effective for the 2004 calendar year, the CFP professional who has earned technical credits in excess of their CE requirements for the current calendar year will be permitted to effectively "carry over" these technical CE credits and apply them towards their CE requirements for the following calendar year. Only a maximum of 20 excess technical credits can be claimed for "carry over" and must be used in the next calendar year. This policy applies ONLY to technical credits. Excess general credits CANNOT be claimed for "carryover" to the next calendar year.

Reporting and Supporting Documentation

CFP professionals are required to attest completion of their Continuing Education (CE) requirements for the calendar year specified on the annual Application for CFP Licence Renewal Form.

CFP professionals who have earned excess technical CE credits for the specified year will also be requested to indicate whether or not they wish to utilize their excess technical credits and carry them over towards the following year.

At the time of renewal you will not be required to submit any CE supporting documentation. FPSC relies on the accuracy of the CFP professional's self-assessment of their CE activities. Therefore, you will ONLY be required to submit your CE supporting documentation if you are selected in the random audit.

Please be advised that the technical credits carried over from the previous year may also be subject to audit. To ensure that you are prepared in the event of an audit, we recommend that you keep all CE supporting documentation for at least three years.

Audit

A percentage of CFP professionals are chosen for the random audit each year. In the event you are audited, you are required to supply supporting documentation to verify completion of your technical credits. You are not required to supply any supporting documentation for your general credits.

Supporting Documentation Required for Verification of Technical CE Activities

Technical activities can be verified by the following:

Certificate of attendance must include the following:

• Participant's name must be on the certificate
• Date must be visible on the certificate
• Name of the activity must be disclosed
• It must be signed and/or stamped by the educational provider
• When submitting certificates of attendance for an educational activity, we request that you attach the duration of the program, agendas and/or course description along with your submission to expedite the review process. Often it is difficult to determine from the name of the activity if it qualifies. If this information is not provided with the certificate of attendance it may cause a delay and/or may not be approved.

Personalized letter from Educational Provider

• Participant's name must be addressed in the letter
• Must include the date of the activity
• Duration for seminars/conferences/programs/presentation
• Must be Signed/Stamped by the educational provider
• Must be on letterhead
• Signatory's contact information
• All of the above information must be included in the letter. We request that you attach the duration of the program, agendas and/or course description along with your submission. If this information is not provided, it may result in a delay and/or may not be approved.

Transcripts from the Educational Provider

• Participant's/Student's name
• Date of enrollment and/or date of completion (NOTE: If no completion date is indicated, then you will only be eligible for ½ the credits )
• Name of the course
• Course description/curriculum must be included upon submission
• Contracts for Teaching

• Instructor/Presenter's name
• Duration of the course
• Year/semester of the course
• Course description/curriculum must be disclosed
• We will accept photocopies to acknowledge confidentiality
• Photocopies must have the educational provider's contact information
• Pay stubs/ Receipt / Invoice
• Supporting documentation for Writing

• Contract for Writing Assignment
• Sample of the articles must be attached
• The articles must have been written in the year they are reported
• Pay stubs / Receipt / Invoice
• The above list of sufficient supporting documentation is not all-inclusive and Financial Planners Standards Council (FPSC) will consider other relevant documentation upon request.

Failure to Comply

CFP professionals who fail to comply with the CE requirements/Audit requirements within the stipulated period may be suspended and may be subject to disciplinary action by FPSC.

Misstated or fraudulent reporting of CE credits will be reported to the Ethics and Practice Committee as a violation of the FPSC's Code of Ethics.

For reinstatement, former CFP professionals will be required to report sufficient CE credits, along with supporting documentation to cover the outstanding deficiency. If unable to comply or complete the required CE credits, former CFP professionals must contact the Education Department.

Exemptions

A CFP professional can request an exemption from CE requirements for one calendar year (January 1 to December 31) due to extenuating circumstances. These requests are reviewed on a case-by-case basis. In all cases, a CE Exemption Request Form must be completed and must be accompanied with sufficient supporting documentation.

CE Exemptions may be considered for the following circumstances:

Maternity/Parental Leave
A CFP professional can request a CE exemption for maternity/parental leave. Exemptions for maternity/parental leave are for one calendar year and will not be prorated between calendar years. A CE Exemption Request Form must be completed and must be accompanied with a copy of a child's birth certificate and/or adoption papers.

Medical/Disability Leave
An exemption for medical/disability leave must be requested annually. A CE Exemption Request Form must be completed and a medical report and/or doctor's note must be included with the request.

The CE Exemption Form is available on our website at www.cfp-ca.org [1].

CFP professionals who are granted a CE Exemption for the above noted circumstances may also be eligible for a fee reduction. Please contact the Licensing Department for additional information.

Exemption Policies

• CE Exemption requests are only valid for one calendar year (January 1 to December 31).
• CE Exemptions are granted on an annual basis, therefore you must re-apply for a CE exemption each year by completing the CE Exemption Request form; which must be accompanied with sufficient supporting documentation.
• There is no exemption due to age.
• Exempt CFP professionals seeking reactivation are required to meet the following CE requirements:
• Less than one year - must have all CE credits in arrears
• One to three years - must have 30 CE credits no less than one year old
• Four to five years - must have 60 CE credits no less than one year old
• More than five years - must contact the Professional & Student Affairs Department

CE Categories

There are two categories of CE credits:

• General
• Technical

The guideline of one hour of education = one CE credit applies to both the general and technical categories in order to calculate your credits.

General - You may report a maximum of ten credits.

This category includes:

reading or listening to industry-related materials (professional trade publications, audio tapes, video tapes, CD-ROM) such as The Bottom Line, Advisor's Edge, Investment Executive, The Financial Post and Advisor.ca.
sessions and/or in-house training on Interpersonal Skill Enhancement; Sales/Marketing Training; Client Counseling; New Product Knowledge, Practice Management and other non-technical topics.
You do NOT have to list daily/weekly readings - listing the publications is sufficient.

Technical - You must report a minimum of 20 technical credits.

The following categories would qualify for technical credits:

• Fundamentals of Financial Planning (refer to syllabus)
• Ethics
• Retirement Planning & Employee Benefits
• Investment Planning
• Tax Planning
• Estate Planning
• Risk Management (Insurance)
• There are various activities that a CFP professional can engage in to meet the technical requirements. If an activity covers one or more areas in the CFP syllabus, then it qualifies for technical credits. When self-assessing an activity, always refer back to the syllabus. Our website has the current and detailed syllabus.

Educational Activities

The following is an outline of some of the more common activities:

Seminars/Conferences and In-house Training - can be claimed for CE credits (1 hour = 1 CE credit). When calculating credits, one full day equals a maximum of 6 CE credits. For activities that include general and technical criteria, only the technical topics will qualify for technical credits.

Computer Training/Computer Courses - If the training falls in one or more of the technical categories covered in the syllabus, and can be used to assist you in your profession as a Certified Financial Planner, you can claim as technical credits 1 hour = 1 technical credit, up to a maximum of 6 technical credits for one full day.

If the content falls under the general requirements (i.e. computer training for sales, marketing, personal enhancement, and/or internal policies), you can claim as general credits 1 hour = 1 general credit, up to a maximum of 6 general credits for one full day.

Self-study Courses with an exam - using printed materials, audio or videotapes, or electronic media, usually have a recommended number of study hours. You can claim the full number of study hours as CE credits (usually up to a maximum of 30 CE credits) if you successfully complete an exam and/or assignment. If you do not successfully complete the exam and/or assignment, then you can only claim half the recommended number of study hours.

Note: you can only claim the remaining half upon successful completion.

Credit Courses and MBA programs - if you are enrolled in a university or college credit course and/or MBA program for one full semester, you can claim 30 CE credits for successful completion of the course. If you fail the course you can only claim half (15 CE credits) for study time.

Note: you can only claim the remaining half (15 CE credits) upon successfully completing the course.

Non-credit courses and review courses without an exam - used to prepare you in successfully completing one of the educational activities listed and/or for personal interest, qualify for CE credits; 1 CE credit for 1 hour of study time and/or class time. For theses type of activities, you can only claim up to a maximum of half the CE requirements per calendar year.

Example: up to a maximum of 5 general credits and/or up to a maximum of 10 technical credits.

Online Courses - usually have a recommended number of study time and/or allocated credits. You can claim the full number of study hours/credits once you successfully complete the course. If you do not successfully complete the course you can only claim half for study time.

Note: you can only claim the remaining half once you successfully complete the course.

Obtaining a Professional Licence and/or Designation - is eligible for CE credits and usually has a recommended number of study time. You can claim the full number of study hours as CE credits (usually up to a maximum of 30 CE credits) if you successfully pass the exam. If you do not successfully complete the exam, then you can only claim half the recommended number of study hours (i.e. Provincial Insurance Licensing Exam).

Note: You can only claim the remaining half once you successfully complete the exam.

Other Educational Activities - that are verifiable (enrollment/confirmation of completion) that do not fall under one of the listed educational activities above, are eligible for CE credits. These types of activities usually have a recommended number of study time and/or allocated credits provided. You can claim the full amount of hours/credits (usually up to a maximum of 30 CE credits) upon successful completion. If you do not successfully complete the activity you can only claim half for study time.

Note: you can only claim the remaining half once you successfully complete the course.

Writing - if you are involved in writing:

• articles on financial planning for professional trade publications
• newsletters related to one or more topics covered in the syllabus
• books on financial planning
• courses on financial planning
• directed to the financial service profession, you can receive credit for your preparation time to a maximum of 15 credits per year.

Writing articles/newsletters for persons not engaged in financial services (general public, clients and/or marketing purposes) can be claimed as general credits, up to a maximum of 10 general credits per year.

Teaching - if you are an instructor, discussion leader or speaker to the financial service profession, provided that the topics are part of the technical category, you can claim up to 15 credits per year. You are allowed two credits per hour of actual teaching time, for the first time you conduct the class or seminar.

Teaching or presenting seminars/courses designed for persons not engaged in financial services (general public, presentations for marketing purposes, television and radio talk shows, participation in high school programs) are not eligible for CE credit.

How to Record CE Credits

• FPSC does not pre-approve CE credits and/or activities
• It is the CFP professional's responsibility to self-assess each activity
• Refer back to the CFP Examination Syllabus on the website as your guide for technical coverage
• The activity is valid if it meets one or more of the topics covered in the CFP Examination Syllabus
• For further assistance contact the Education Department
• How to Calculate CE Credits

1 hour of activity = 1 CE credit

You can claim up to a maximum of 6 CE credits for a full day. Meals, coffee breaks do not qualify.

The number of credits you can claim for successfully completing a course (listed in the Education Activities above) usually equal up to a maximum of 30 CE credits. If you do not successfully complete the course you can only claim half the recommended number of study time/allocated credits.

Note: You can only claim the remaining half once you successfully complete the course.

It is important to always refer to the specific activity and/or syllabus when calculating and/or assessing an educational activity. For further assistance contact the Education Department.

REMEMBER

In order to maintain your CFP licence you are required to meet the Licensing Policies and Continuing Education (CE) requirements annually
FPSC monitors CE credits for the previous calendar year.
Example: If you are renewing your licence for the 2004-2005 licensing period (March 31, 2004 deadline), you will need to attest completion of your 2003 CE requirements (January 1, 2003 to December 31 2003) on your 2004/2005-renewal application form.

CFP professionals are responsible in self-assessing and keeping a record of their accumulated credits for the specified calendar year. Therefore, we will not track or provide you with this information
CFP professionals are encouraged to keep all original supporting documentation as it will be required in the event that they are audited.
Technical credits require supporting documentation. It is not mandatory to provide supporting documentation for general activities.
These CE policies are effective for each subsequent reporting period you are required to complete CE requirements. For additional information or clarification, please contact the Education Department.