The Canadian Institute of Financial Planners on Monday announced the launch of its long-awaited member errors and ommissions insurance plan, underwritten by ACE Canada.
CIFPs members who are CFP licensee-financial planners will have the opportunity to take advantage of superior professional liability coverage that meets the requirements of provincial life insurance regulators across Canada and provides plan members with significant coverage with respect to mutual fund sales.
“Superior E & O coverage is essential to the professional financial advisor” said Keith Costello, managing director of CIFPs, in a news release.
“Recently, many planners have had difficulty obtaining coverage. By restricting participation in our plan to CFP Licensees certified by the Financial Planners Standards Council, and educating our underwriters about the education, examination, ethics and experience requirements attaching to the CFP, we were able to provide this service for our members and their clients at a very attractive price,” he added.
CIFPs members must apply individually for coverage under the plan. Application forms and a full description of the plan’s terms, conditions and pricing are available from the CIFPs website: www.cifps.ca