A joint task force of the International CFP Council and Certified Financial Planner Board of Standards Inc. announced that it has chosen Financial Planning Standards Board as the name of the new international entity to administer the CFP certification program worldwide.

At a recent meeting in Rio de Janeiro, the joint task force accepted the new name for the organization and introduced a formal structure for FPSB. The proposed structure includes a defined role for FPSB’s board of directors, FPSB Council and appointed staff.

Canada’s Don Johnston has been appointed as 2003 chair-elect of the FPSB Council, the advisory body that will oversee the FPSB.

“Working together within this new unified structure can only make the CFP designation stronger in Canada and globally. We are excited about the future and the potential to build an even stronger foundation for CFP certification with our partners in Canada and around the world,” said Johnston, president of Financial Planners Standards Council in Canada.

Johnston will serve as chair-elect of the FPSB Council in 2003. Johnston will become a member of the FPSB board of directors in 2004 when he assumes his position as chair of the advisory Council. John Carpenter, past chair of FPSC, was elected to the inaugural FPSB Board of Directors, and will fill one of the four international directors’ seats beginning 2003.

“I am both honoured and excited to join the FPSB Council as chair-elect. The work we do internationally will strengthen the value of the CFP mark in Canada for consumers, financial professionals and all stakeholders in our financial services communities,” said Johnston. “Likewise, the successes we continue to build upon in Canada will contribute substantially to our international efforts.”

FPSB’s nine-member will act as the policy-setting and oversight body. FPSB Council will act as the advisory body to the board representing the voice of 19 international associate and affiliate members.

In addition to finalizing the proposed structure, the joint task force has completed FPSB bylaws and incorporation of FPSB. At its first meeting in January, the FPSB board of directors will elect a chair and chair-elect, ratify the decisions of the joint committee and complete such tasks as creating a governance model, finalizing affiliation agreements and appointing staff. The task force anticipates formally launching the organization early in 2003.