The Institut québécois de planification financère and Financial Planners Standards Council have agreed to simplify the process for Certified Financial Planners who want to practice in Quebec and for financial planners from Quebec who want to practice outside of the province, the organizations announced on Thursday.

Under a memorandum of understanding signed by the two organizations, CFP professionals with a bachelor’s degree in finance, business administration, commerce, economics, or a related field will be granted equivalency for all educational requirements leading up to the IQPF exam, the final step of the certification process in Quebec. The IQPF is the only organization in Quebec authorized to grant the financial planner diploma.

Likewise, individuals with a financial planning diploma from Quebec will be exempt from all educational requirements leading to CFP certification, and will be immediately eligible to write the CFP Examination, administered by FPSC.

Further, effective with the new CFP program requirements in 2010, Quebec financial planners will be immediately eligible to sit the final PCE2 examination provided they have one year financial planning work experience.

“This agreement is a result of our mutual respect for the professional standards of competence that both organizations promote,” said Jocelyne Houle-LeSarge, executive director of IQPF. “Now financial planning professionals who have stepped up to demonstrate their competence and professionalism by earning their Pl. Fin. or CFP certification have a seamless path to work anywhere in Canada.”

Commented Cary List, president and CEO of FPSC: “We are delighted to reach this landmark agreement with IQPF, which will not only benefit the industry but all Canadians.”

The IQPF and FPSC have also agreed to pool their resources to address common issues that will further the public interest, including finding an appropriate regulatory solution for financial planning, working towards greater consistency of standards across Canada, undertaking public interest research and ultimately establishing financial planning as a profession.

The organizations expect the formal agreement to be in place in time for Quebec financial planners to sit the November 2009 CFP Examination should they so choose.