In a bulletin to all CFP licensees today, Financial Planners Standards Council president Don Johnston said FPSC could neither endorse nor support some of the stated objectives of the merger proposed by the Canadian Association of Financial Planners and the Canadian Association of Insurance and Financial Advisors.

Johnston noted that some of the initiatives outlined in a discussion document entitled “Towards a Single Professional Organization” would conflict with FPSC’s mission to nurture the evolution of the financial planning profession through the establishment of the Certified Financial Planner designation.

“If the merged membership organization supports our efforts in the future, we welcome it,” Johnston said. “However, if its purpose is to act as a standard-setting body with the purpose of branding a new definition of financial planning professional, it will simply add to confusion in the marketplace and industry, and we can neither endorse nor support it.”

FPSC believes that one set of standards in proficiency and ethical behaviour is more than enough for the professional, and is the best way to reduce confusion about who is and is not qualified to offer professional financial planning advice. “We don’t need new codes, new exams or new brands of professional planner,” said Johnston.”

Johnston acknowledged that the FPSC is grateful for the participation of the membership organizations, which have for more than six years, “aided our efforts in establishing the highest uniform professional standards in financial planning today.”

“CAIFA and CAFP have endorsed FPSC’s efforts to reduce confusion surrounding who is and is not qualified to offer the financial planning guidance Canadians have every right to expect of a professional. They have recognized the strides FPSC and CFP licensing organizations around the world have made in benefiting the consumer of financial planning advice. They have recognized and aided FPSC’s contribution to the evolution of the profession in Canada and throughout the world,” Johnston said. “We hope they will continue to do so.”