IQPF and FP Canada Update National Definitions and Standards

Date : 2 September 2020

The IQPF, with our partner FP Canada, released a revised edition of the reference document Canadian Financial Planning: Definitions, Standards & Competencies.

Originally published in 2015, this publication establishes financial planning standards in Canada, supporting consistency in the profession. In it, IQPF and FP Canada clearly define the concepts of “financial planning,” “financial planner” and “financial plan.” The document also includes ethical principles by which individuals holding the Financial Planner (F.Pl.) title in Québec and the Certified Financial Planner (CFP) and Qualified Associate Financial Planner (QAFP) certifications in the rest of Canada must abide. In total, approximately 23,000 financial planners across Canada adhere to these standards.

It serves as an important resource for financial planners, industry firms, financial planning educators, regulatory bodies and other stakeholders. It also provides essential clarity for the Canadian public around what to expect of a professional financial planner anywhere in Canada.

The 2020 edition has been revised and refined to continue to reflect current financial planning practice, standards and competency expectations of professional financial planners. And for Québec financial planners, the 2020 revision of IQPF's Professional Standards is a great complement.