FPSC drafts changes to Code of Ethics, Practice Standards

The Financial Planning Standards Council (FPSC) has issued a draft for changes to the CFP Code of Ethics and CFP Financial Planning Practice Standards and is seeking feedback from the industry and the public.

Among the proposed changes is the addition of a Client First principle to the Code of Ethics. The FPSC says this would reassure the 3.2 million Canadian clients of CFP professionals that their interests are paramount.

“The Code and Practice Standards are integral to establishing the CFP credential as worthy of client trust,” says John Wickett, senior VP, standards & certification, FPSC. “This revitalization brings even more rigour to the credential by clearly outlining the ethical and practice obligations of the CFP professional.”

FPSC undertakes extensive reviews of the Code and Practice Standards every three years to ensure the CFP credential retains its rigour and relevance as a professional financial planning designation.

The revitalization of the Code and Practice Standards was undertaken by two task forces comprised of FPSC staff, CFP professionals, and representatives from FPSC’s six member organizations.

The draft has been posted to the FPSC website, at www.fpsc.ca.

The comment period is open until May 16, 2011. Industry participants can submit comment to:

Industry Comment Financial Planning Standards Council 902-375 University Avenue Toronto, ON M5G 2J5 e-mail: industrycomment@fpsc.ca

Members of the public can submit comments to:

Public Comment Financial Planning Standards Council 902-375 University Avenue Toronto, ON M5G 2J5 e-mail: publiccomment@fpsc.ca

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.