FPSC to launch new designation and education programs

As it rebrands as FP Canada effective Apr. 1, the Financial Planning Standards Council (FPSC) is launching a new designation: Qualified Associate Financial Planner (QAFP).

Effective Jan. 1, 2020, the new designation will “replace the current FPSC Level 1 certification with its own unique path to certification,” says a release.

Specifically, QAFP certification will indicate that an individual has demonstrated the skills to provide holistic financial planning for clients with “less complex planning needs,” says the release. The new certification will fill a gap by providing clients access to appropriately certified professionals, it adds.

FP Canada will own and administer QAFP certification.

New mandatory education programs

Through FP Canada Institute, FP Canada will deliver professional education programs and other tools to prospective and existing financial planners. Following a transition period, the programs will become mandatory for certification, says the release, and “will complement the core and advanced financial planning education programs that are required for certification, which will continue to be delivered by FP Canada–approved education providers.”

To provide feedback and support for the programs, FPSC has established an industry advisory council (IAC). Inaugural IAC members include BMO, CIBC, Great West Life/London Life, IG Wealth Management, Scotiabank and TD.

The release adds that FP Canada, which is a partnership with Institut québécois de planification financier, will operate in both official languages as much as possible, including providing a bilingual website that will launch on April 1 when FP Canada officially launches.

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