(December 9 – 10:00 ET) – The
International CFP Council has added
its voice to mounting criticism
of the Canadian Securities
Administrators’ proposed
proficiency requirements for
financial planners.

The council says the CSA’s
proposals “do a disservice
to consumers and to the development
of financial planning as a
profession in Canada”.

Although it supports the
regulation of planners, the
council says the CSA needs to set
higher standards for education,
practice and ethics.

“The CSA had the right idea,
but seems to have ended up with a
solution that could potentially
create more confusion and risk for
Canadians looking for a qualified
financial planner,” said Patricia
P. Houlihan, chair of the
International CFP Council’s Public
Awareness Committee.

The council says the CSA should
require a professional code of
ethics and monitor ongoing
education to ensure standards.
The CFP’s local administrating
body, the Financial Planners
Standards Council, has also
criticized the proposal.

-IE Staff