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EXCEPT IN QUEBEC, WHERE FINANCIAL PLANNING IS REGULAted by legislation, anyone in Canada, regardless of qualifications, can call themselves a financial planner -- a situation long decried by our securities commissions, among others, as detrimental to the public interest. Fortunately, an initiative, now in its second year of unfolding, holds promise of doing something about it. Fortunately for CA financial planners, the CICA is involved.
The promise comes in the form of the Financial Planners Standards Council of Canada, a Toronto-based, nonprofit organization incorporated in November 1995, to establish and enforce national standards of education, experience, examination and ethics for financial planning practitioners in this country. Under licence and affiliation agreements with the Certified Financial Planner Board of Standards, Inc. of Denver, Colorado, it awards the "certified financial planner" (CFP) designation, currently recognized in the United States, United Kingdom, Australia, New Zealand and Japan.
Currently the FPSCC has nine member organizations, which can...