(March 5 – 16:00 ET) – The Canadian Institute of Financial Planning is reminding prospective students that the grandfathering provision written into the new Canadian Securities Administrators financial planner proficiency rule applies to those students enrolled in qualifying education by the end of this month.
The new rules lay out restrictions on the titles that can be used by people holding themselves out to be financial planners, as well as the proficiency standard they must meet in order to use the restricted titles.
The proficiency requirement consists of:
- passing the Financial Planning Proficiency Examination set by the CSA;
- committing to an approved continuing education program and
- possessing two years of experience in the insurance or securities sector.
The grandfathering relief exempting reps from the FPPE, applies to those who are enrolled in a qualifying program, such as the CIFP’s Certified Financial Planner program before March 31, 2001. The grandfathering relief expires on March 3, 2003.
For those students that do end up writing the FPPE and are enrolled in the CIFP’s course, it will be developing supplemental material to assist with the new exam.
The new rule has not been adopted in Quebec, Alberta or Manitoba. British Columbia will continue to apply its existing proficiency requirements and only offer the FPPE as one of the options to satisfy its requirements.
-IE Staff