The Toronto-based Financial Planning Standards Council (FPSC) has changed its governance structure and developed a new committee to oversee all financial planning standards, according to a recently released announcement.
The FPSC’s new “standards panel” will include members of the public who have a keen interest in financial planning in addition to certified financial planners (CFP) who have a level of expertise in financial planning and the oversight of professional standards.
The standards panel takes over some key responsibilities from the FPSC’s enforcement policy and certification committees, which no longer exist. The new panel is responsible for developing and enforcing financial planning standards, which include those surrounding:
> the Standards of Professional Responsibility for CFP Professionals and FPSC Level 1 Certificants in Financial Planning and associated guidance;
> the CFP Professional Competency Profile; the “body of knowledge” document, which details the depth of knowledge required in the practice of financial planning; and required educational learning outcomes for candidates on the path to certification.
“Enhancement of FPSC’s governance related to the oversight of professional standards supports the continued rigour, efficiency and relevance of FPSC’s important work,” says Dawn Hawley, chairwoman of the FPSC’s board, in a statement. “It ensures our processes help ensure the highest standards in the financial planning profession, for the benefit of the public.”
Further details regarding the responsibilities of the standards panel, other independent panels and the FPSC’s board of directors as well as the names of the individuals that are involved within those groups can be found in the FPSC’s announcement.
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