In a conference this week in Toronto, the Financial Planners Standards Council introduced new practice standards for use by Certified Financial Planners (CFPs). The standards, which define financial planning and what should happen in a planning engagement, are the result of a development effort begun by the FPSC in 2001. They are being issued for comment before final standards become mandatory for all CFP-designated professionals in spring 2005.

"The practice standards build on all that FPSC has accomplished, and they launch the industry forward from the adoption of financial planning standards towards the establishment and recognition of the financial planning profession in Canada," said Garry Duncan, CFP, FCA, chair of the FPSC board of directors.

A recent survey commissioned by FPSC indicated that Canadians are not yet aware of the full scope of financial planning or of the benefits to be gained from a professional financial planning engagement. The practice standards, which were presented at the conference by Cary List, CFP, CA, the FPSC's vice president of standards & certification, are meant to provide a concrete framework on which to clearly define the knowledge, skills, abilities and attitudes that should be expected of financial planning professionals.

The Financial Planners Standards Council was established in 1995 as a not-for-profit organization dedicated to establishing and enforcing education, examination, experience and ethics requirements for individuals who choose to earn the CFP designation.

The practice standards webcast can be viewed at http://events.onlinebroadcastingcom/fpsc/100703/index.php. To view the current draft of the practice standards, go to www.cfp-ca.org.

Related articles: Initial confusion, CAmagazine, November 2002