CSI is the most experienced and trusted financial educator endorsed by regulatory authorities across Canada. When investors choose to work with a Personal Financial Planner (PFP®), they can feel confident knowing these professionals are held to high standards enforced through CSI’s rigorous process and our ISO 17024 accreditation.
All PFP® designation holders agree to abide by the PFP® Code of Ethics, both when applying for the designation and when renewing it annually. Abiding by the Code means a PFP® commits to maintaining a high level of professionalism when dealing with the public. CSI is committed to overseeing the ethical standards required of its designation holders. We monitor adherence to the PFP® Code of Ethics through reviews, periodic audits of the designation holder’s annual commitment and declaration requirements, handling public complaints and tracking news and regulatory reports.
All PFP® designation holders agree to abide by the PFP® Code of Ethics, both when applying for the designation and when renewing it annually. Abiding by the Code means a PFP® commits to maintaining a high level of professionalism when dealing with the public. CSI is committed to overseeing the ethical standards it requires of its designation holders. We monitor adherence to the PFP® Code of Ethics through reviews, periodic audits of the designation holder’s annual commitment and declaration requirements, handling public complaints and tracking news and regulatory reports.
All candidates are required to declare any legal action, allegations or complaints prior to being granted a designation and also each year upon renewal of that designation. A “Fit and Proper Requirement” is a component of the application. The requirement sets out the following situations for self-declaration:
PFP® designates will comply with legal and regulatory principles that govern the financial services industry. You will be professional, compliant, recognize your limitations, exercise due diligence and practice with sound judgment. To be compliant with this code of ethics you must respect all of the requirements set out below.
As a PFP® you will:
1.1 Make yourself aware of the legal and regulatory requirements to operate in your jurisdiction. Maintain knowledge of and comply with all applicable laws, rules, and regulations of any government, regulatory organization, or professional association governing your professional activities. However, this Code of Ethics may set out different standards of behaviour than does the law. Where there is a conflict between the Code of Ethics and the law, you must abide by the law.
1.2 Act with dignity, integrity, professional competence and in an ethical manner when dealing with the public, clients, prospects, employers, and colleagues. You must use reasonable care and exercise independent, professional judgment.
1.3 Recognize your own limitations. When appropriate, seek additional opinions and services.
1.4 Abide by the annual license renewal and continuing education requirements as required to maintain the PFP® designation.
All PFP® designates will strive to maintain the highest level of personal integrity when dealing with clients. By demonstrating respect, honesty, due diligence and practicing sound compliance, you will honour the trust of clients, while providing an environment of confidentiality, free from discrimination.
As a PFP® you will:
2.1 Treat each client with respect, put the client’s interests ahead of your own, and not exploit a client for personal advantage.
2.2 Not discriminate against any client on such grounds as age, gender, marital status, national or ethnic origin, physical or mental disability, political affiliation, race, religion, sexual orientation, or socioeconomic status. You only have the right to refuse to accept a client for legitimate business reasons.
2.3 Constantly exercise due diligence in making recommendations for financial products.
2.4 Use particular care in executing your duty of care when working with clients.
2.5 Preserve the confidentiality of information communicated by clients, prospects and employers.
2.6 Not make any oral or written statements that misrepresent the services that you or your employer are capable of performing, your qualifications or the qualifications of your firm. Do not make or imply any assurances regarding any financial product except to communicate accurate information regarding the product.
PFP® designates will operate in accordance with financial services regulation governing the activity you are conducting and licensed to provide, and in accordance with the law. PFP®s have a responsibility to conduct themselves with honesty, trust, competence and abide by the terms of the PFP® Certification Mark License Agreement.
As a PFP® you will:
3.1 Enter into associations only if you can maintain your professional integrity.
3.2 Only use the PFP® designation in a dignified and judicious manner and in compliance with the PFP® Certification Mark License Agreement.
3.3 Not engage in any professional conduct involving dishonesty, fraud, deceit or misrepresentation, or commit any act that reflects adversely on your honesty, trustworthiness, or professional competence.
3.4 Abide by the Ethical Misconduct Review Process, cooperate with an investigation request and comply with decisions of the Designation Ethics Committee and/or Appeal Panel.
In addition to the General Responsibilities, Client Responsibilities, and Responsibilities to your Profession within this code; you also have responsibilities in dealing with your employer.
As a PFP® you will:
4.1 Place your employer’s interests ahead of your own and not exploit your position for personal advantage.
4.2 Disclose to your employer all matters that reasonably could be expected to interfere with your duty to your employer.
4.3 Comply with any prohibitions on activities imposed by your employer if a conflict of interest exists.
The PFP® Advisory Council’s mandate is to shape and promote the PFP® designation (and the interests of the PFP® community) to the financial services industry and the public. The Council is also responsible for handling complaints against a PFP® designation holder in the rare event that they arise.
The Council consists of 10 – 15 volunteers from across Canada who have a vested interest in the success of the PFP® designation. Members sit on the Council for a 3-year term, with the potential to renew.
The Council oversees the PFP® designation and ensures that it – and its holders – continually meet the highest educational, ethical and professional standards. Key functions of the Council include:
Learn more about the Council’s responsibilities.
You can apply to join the PFP® Advisory Council at any time. If you are an experienced individual seeking to join the PFP® Advisory Council, you are required to hold the following qualifications:
The following is a list of current PFP® Advisory Council Members:
Director, FP Support & Practice Management
RBC Royal Bank - Toronto, ON
Vice President - Financial and Investment Advice
CIBC - Toronto, ON
Senior Manager, Learning Programs
Scotiabank - Toronto, ON
RBC Royal Bank - Milton, ON
Mohawk College - Hamilton, ON
Investment Specialist / Financial Planner
Servus Credit Union - Edmonton, AB
Certified Financial Planner
Sunlife Financial - Calgary, AB
Investment Sales Manager
HSBC Global Asset Management Ltd. - Vancouver BC
Manager - Financial Planning
RBC Royal Bank - Edmonton, AB
BMO Financial Group - London, ON
AVP & Market Lead
Canadian Western Bank - Toronto, ON
Financial Planner, Business Owner
De Thomas Wealth Management - Toronto, ON
TD Wealth - ON
The CSI Ethics Committee was established to ensure any complaints against CSI designation holders are heard promptly and fairly. The Committee considers any alleged violation of the Code of Ethics and determines whether there has been a breach.
Allegations of violation of the PFP® Code of Ethics are dealt with by the Designation Ethics Committee according to the CSI Ethical Misconduct Process. If the Committee determines a violation occurred, a disciplinary sanction is recommended.
The PFP® Advisory Council appoints members to the Ethics Committee that oversees all CSI designations. The Committee comprises 3-8 members selected by the CSI Advisory Councils.
Allegations of violation of the PFP® Code of Ethics are dealt with by the Designation Ethics Committee according to the CSI Ethical Misconduct Process. If the Committee determines a violation occurred, a disciplinary sanction is recommended. The PFP® holder may accept the recommended sanction or request a hearing. Disciplinary sanctions could include:
All violations of the PFP® Code of Ethics will be published on the PFP® public website. The list below sets out the number of violations that occurred prior to 2022. Effective June 1, 2022 specifics on each violation are provided. The individuals listed below have been found to have breached the PFP® Code of Ethics and have received disciplinary sanctions. Individuals who have been suspended or have their PFP® designation revoked do not appear on the CSI Directory of PFP® Holders in Good Standing.