By Laura Urmoneit

(December 14 – 17:55 ET) – The Canadian Securities Administrators will finally get the ball rolling on the Financial Planning Proficiency Exam (FPPE) in the new year. A one-year implementation period has been agreed upon.

“The final rule will be published as soon as possible, likely in mid-January. That allows the industry to make preparations such as budget allowances, advertising, and exam writing, says Julia Dublin, chair of the Canadian Securities Administrators’ financial planning committee. “The actual requirement would be one year from the publication of the rule,” she says.

The official sitting for the first exam is tentatively set for May or June. The administration of the second sitting, for those individuals who fail the first exam, will occur in September. The cost per individual is expected to run between $250 to $300.

However, a full consensus between the provinces has not yet been reached. Those in favour of the rule are Saskatchewan, Ontario, Newfoundland, and Manitoba. British Columbia and Alberta are not yet in full agreement.

“Our ideal for the rule is the same kind of regime would be enacted by insurance and security regulators at the same time,” says Dublin.