Professional Responsibility

Question 1

Financial Planning Regulation

Answer 1

Regulated in Quebec (title protection). Not generally regulated in Canada.

Question 2

FPSB

Answer 2

Global body governing use of cfp designation. licenses the designation to fp canada

Question 3

Code of Ethics

Answer 3

General principals that should guide actions

Question 4

Rules of Conduct

Answer 4

More prescriptive.

Concerns fraud, deceit, disclosure, use of cfp marks, conduct adverse to integrity of profession, conflicts of interest, acting in clients best interest, etc.

Question 5

FP Canada Fitness Standards

Answer 5

Circumstances that bar certification

personal or corporate bankruptcy, breach of code of academic conduct, guilty of a criminal offence, suspension of professional license, being in breach of a court order

Question 6

Financial Planner and Securities Licensing

Answer 6

can provide advice on target asset allocations and general portfolio construction without securities licensing

Question 7

Insurance Advice

Answer 7

Can give general advice but sale or recommendation of products isnt allowed. harder for insurance regulators (less power) to impose penalties than securities regulators

Question 8

Credit Unions

Answer 8

Aren’t federally regulated (except new brunswick and bc). don’t have access to bank of canada

Question 9

Privacy vs Confidentiality

Answer 9

Privacy is an individual’s right to control how his personal information is collected, used, and/or disclosed by another; while confidentiality is the duty to ensure personal information is kept secret, but only to the extent possible.6 Personal information, in turn, “is data about an ‘identifiable individual.’ It is information that on its own or combined with other pieces of data, can identify you as an individual.”

Question 10

CE Requirements

Answer 10

25 hours annually and 2 hours of professional responsibility. Minimum of 10 in financial planning, max of 25. Min of 0 and max of 5 for practice management, giving back, and product knowledge. can carry forward up to 25 hours of financial planning ce credits.

Question 11

Errors and Omissions

Answer 11

liability insurance for financial services firms

Question 12

DNCL vs CASL

Answer 12

DNCL is for phone and CASL is for emails. cant email personal without existing relationship if theyre on list. can email public emails (such as business emails)

Question 13

Employee Vs Agent

Answer 13

employee workplace is likely more static. likely has a direct supervisor. employer often held liable for employee actions. agent is not liable for principals actions but for their own actions.

Question 14

Conflict of interest

Answer 14

something that could influence planners judgement and objectivity. couples with different goals are multiple generations.