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FPSC’s Response to “Canadian CPD: Future Cash Grab or Competency Builder?”

Joan Yudelson

We read Cora Pettipas’ well written blog regarding the recent expansion of qualifying continuing education (CE) for Certified Financial Planner® professionals and FPSC Registered Candidates in Canada. She raised a number of points which I’ve addressed in this blog.

Cora mentioned that in the past, she fulfilled her CE credits in three main ways: through the pursuit of other financial designations, through teaching financial planning courses, and through completing courses in her Master’s Degree in Finance and Controlling. In other words, she had the flexibility to engage in activities that were relevant and that would help enhance her skills as a professional financial planner. FPSC® fully supports her approach to continuous learning. Indeed, FPSC’s CE program enhancements encourage CFP professionals’ self-selection of CE that suits their needs and interests. They further recognize that CFP professionals need to be more than just technically competent to effectively serve their clients. While CE activities that map back to the CFP® Professional Competency Profile remain the cornerstone of continuing education, FPSC has expanded the CE eligibility guidelines to allow for three new categories: Practice Management, Product Knowledge, and Giving Back, providing additional CE opportunities.FPSC Logo

Cora also makes the point that non-verifiable, self-directed learning will no longer be counted toward CE credits. To her point, since non-verifiable CE, by definition, cannot be verified, we have removed it from our CE requirements. That said, we continue to encourage CFP professionals to engage in CE activities beyond the minimum 25 credit per annum requirement. We certainly appreciate that a good deal of the self-directed learning that financial planners engage in is, as she says, “a great learning opportunity” and highly valuable. We have simply removed it as a specific requirement.

Cora mentions her concern that the CE program changes will be a stepping stone to compulsory CE selected from only FPSC-approved credits. FPSC’s CE Approval program was developed based on demand by CFP professionals for a convenient, one-stop resource of approved education. FPSC has no plans to implement such a requirement for any of our four categories of eligible CE.

Finally, Cora expressed concern about CSI not being part of the FPSC CE Approval Program. Participation in the program is entirely voluntary, and some educators may choose not to participate. That is their choice. That said, CSI has registered with FPSC as a provider of approved CE. The program is available to all CE providers who offer qualified activities.

We thank Cora for expressing her concerns and assure her that the changes are designed only to enhance the opportunity for continuous learning for CFP professionals.

Joan Yudelson, Vice President Professional Practice, FPSC

2 comments to FPSC’s Response to “Canadian CPD: Future Cash Grab or Competency Builder?”

  • sureshtejpal

    I agree with reply of Joan Yudelson. New CE requirement is better way of focusing on the requirement of CE , the area where they want to revisit for their professional growth and pre approved CE and online recording of CE activities are one stop solutions for keeping your activities recorded at one point.

  • Ashok Kumar Sethi

    It is an unique opportunity to come across that a qualified CFA has put the petitions explaining her points of view to grant CPE concessions. Rather granting concession individually to her, the Canadian FPSC issued instructions extending concessional facilities to all, who are facing such problems or might have faced at later stages. It shows that FPSC of Canada has proved that though they are professional body and would require others to be professional in their fields, but themselves have proved more professional and honest in understanding members problems.

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