FP Canada has announced changes to two of its sets of rules and procedures to ensure all policies provide transparency and procedural fairness to CFP and QAFP professionals, certification candidates and the Canadian public.

The changes, which come into effect immediately, apply to the FP Canada Standards Council™ Disciplinary Rules and Procedures (DRP) and the FP Canada Standards Council™ Disciplinary Rules and Procedures for Examination Misconduct (DPEM).

FP Canada wants to make sure current practices are detailed

The changes are part of an ongoing effort by the FP Canada Standards Council to ensure all policies reflect current practices and are as detailed as possible.

The DRP guides how the Standards Council conducts investigations and disciplinary hearings into conduct by CFP and QAFP professionals that may represent a breach of their ethical and professional responsibilities. The DPEM guides how the Standards Council conducts investigations and hearings relating to misconduct on FP Canada certification examinations.

"We are committed to regularly reviewing all policies and procedures to ensure they continue to be relevant, transparent and effective for the benefit of all stakeholders," said Damienne Lebrun-Reid, executive director, Standards & Certification, and head of the FP Canada Standards Council.

Financial planners will know what Standards Council expects of them

"This helps financial planners understand exactly what we expect of them, and it gives consumers confidence in the rules and processes in place to protect them."

Several of the changes to both the DRP and DPEM aim to improve transparency for the benefit of Canadian consumers, says FP Canada. Specifically, under changes to the DRP, statements of allegations, which describe misconduct alleged by the Standards Council, will now be publicized on FP Canada's website within five business days of being filed. In addition, full hearing panel decisions and reasons in disciplinary proceedings will be published on FP Canada's website, along with summaries. Under a change to the DPEM, anonymized summaries of disciplinary decisions will be published on FP Canada's website.