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FP Canada has updated its disciplinary rules and procedures for certified financial planners (CFPs) and qualified associate financial planners (QAFPs), as well as candidates writing certification exams.

The changes, which took effect on Tuesday, apply to the FP Canada Standards Council Disciplinary Rules and Procedures (DRP) and the FP Canada Standards Council Disciplinary Rules and Procedures for Examination Misconduct (DPEM).

The DRP outlines how the FP Canada Standards Council conducts investigations and hearings regarding the conduct of CFPs and QAFPs.

Under the changes to the DRP, FP Canada will now publish statements of allegations, which describe misconduct alleged by the Standards Council, on its website within five business days of being filed. FP Canada will also publish decisions and reasons from disciplinary hearings.

Such measures are currently employed by self-regulatory organizations the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada.

FP Canada’s DPEM governs investigations and hearings related to alleged misconduct on FP Canada certification exams. FP Canada will now publish on its website anonymized summaries of disciplinary decisions regarding certification exams.

Changes to the DRP and DPEM also allow disciplinary hearings to be held via telephone and video conferencing, in addition to written hearings, which remain FP Canada’s preferred format, according to a release.

FP Canada’s announcement comes weeks after the Financial Services Regulatory Authority (FSRA) of Ontario outlined its proposal for regulating the use of the “financial planner” title.

Among other measures, FSRA’s proposal requires credentialing bodies for financial planners to summarize their approaches to investigations and enforcement.