IFIC and CIFP support new CSA rule

“The Certified Financial PlannerTm
certification marks, with required
education, ethics, examination and
experience elements, have for the
past number of years been the
designation consumers trust for
high standards. The CFP, as
administered by The Financial
Planners Standards Council, will
continue to represent the highest
level of integrity for financial
planners while the CSA’s new rule
will ensure that all financial
planners have met minimum
standards.”

“We look forward to developing a
rigorous comprehensive exam that
does not focus on any particular
product. CIFP has worked towards
ensuring that the high standards
of the FPSC’s Professional
Proficiency Exam leading to CFP
certification marks are reflected
in the CSA’s exam for financial
planners,” Murray says.

The CIFP supports the work of
the FPSC as it has played an
integral part in setting the
standard of financial planning
excellence through its standards
and six professional proficiency
examinations in its successful
four-year history. “CIFP will
continue to participate in the
FPSC during this transition period
and after the uniform exam is in
place. We will be pleased to
participate in both the new common
proficiency exam, however governed,
as well as the FPSC’s CFP exam,”
Murray adds.

With respect to the proposed
new rule’s grandfathering clause,
Mr. Murray comments, “The CSA’s
proposed rule recognizes that
students who have completed CIFP’s
six course program and current
CFPs who have taken the FPSC’s
exam leading to the CFP designation
have the educational qualifications
to call themselves financial
planners. They, therefore, will be
exempt from writing the new exam.
In addition, current CIFP students
will be grandfathered if they
complete the program by a specified
date. CIFP’s new fast-track
on-line option will help to
facilitate that requirement if
necessary.”

-IE Staff