It implements the highest competency and ethical standards in financial planning as defined by individuals who have earned the Certified Financial Planner® (CFP®) credential. The Certified Financial Planner of Canada (CFP) credential assures that the planner adheres to internationally recognized professional standards of competence and ethical practice as set in Canada by the FPSC.
In Quebec however, the regulation governing the offering of financial planning services is Bill 188. All individuals holding out as financial planners in Quebec or servicing Quebec residents must be authorized to do so by the Autorité des marchés financiers (AMF). They must only use the title Financial Planner F.Pl. in English or Planificateur financier Pl.Fin. in French. The Financial Planner may prepare you with financial strategies, but cannot sell goods if he or she does not hold any of the titles that can be obtained from the CSI's Careers & Licenses.
Certified Financial Planner Standards
The Canadian Financial Planners Standards Council (FPSC) and its Certified Financial Planner of Canada (CFP) requirements and credential have their equivalents in Québec.
To be able to sell financial products and services to Quebec consumers and provide them with advice, the financial planners must hold a right to practice called a certificate issued by the Autorité des marchés financiers (AMF).
It is the Institut québécois de planification financière (IQPF) that is responsible for the training and education of financial planners in Québec. Personal financial planning programs are offered by certain Quebec universities and by the CSI. The IQPF Professional Training Course is the final stage of studies before the IQPF exam, the last step in the certification process.
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For each Lacroix or Jones scandals, thousands of financial advisors serve their customers with the utmost integrity. However, as the saying goes, better safe than sorry. This is the reason why seven pages have been dedicated to financial planners and financial planning, and to properly and knowingly locate financial planner.
