FP Canada drops CIFP, Advocis as education providers

Anyone studying for the financial planning designations overseen by FP Canada has two fewer options for obtaining the designations’ technical education — but also the added option of FP Canada itself.

As of Sept. 28, the Canadian Institute of Financial Planning (CIFP) and Advocis will no longer fulfil the technical education requirements for the certified financial planner and qualified associate financial planner designations, FP Canada says on its website, which provides transition options.

The change comes after FP Canada took its technical education in-house last year and its professional education in-house in 2019, allowing the certification body to provide end-to-end programming for its designations.

However, the national education providers — Advocis and the CIFP, along with the Canadian Securities Institute (CSI) and Business Career College (BCC) — were encouraged last year to reapply to provide technical education. Alexandra Macqueen, vice-president of learning, development and professional practice with FP Canada, told Advisor.ca at the time that “competition is healthy.”

CSI and BCC are now the only national education providers for FP Canada’s designations. (Post-secondary institutions also provide the technical education for the designations.)

FP Canada told Advisor.ca in an emailed statement it notified the CIFP “in the spring” that the institute’s status as an approved technical education provider would end in September.

In an email, Keith Costello, president and CEO of the CIFP, said, “We did renew early in this year (2024) as a national education provider but received a letter shortly after we launched our chartered financial planner designation cancelling CIFP as an approved national education provider.”

FP Canada’s statement said that, having established its own education programs, it “now has both professional and technical education in place that covers the requisite knowledge and competencies required of financial planners certified by FP Canada, as well as direct oversight when it comes to program enhancements, updates and integrity, including oversight of student conduct and academic honesty.”

The CIFP’s new chartered financial planner designation, which launched in March, was approved by the Financial Services Regulatory Authority of Ontario for use of “financial planner” under the province’s title protection framework. Industry backlash quickly followed, with critics saying the designation could be confused with the certified financial planner designation that FP Canada oversees.

Subsequently, the CIFP filed a legal claim against FP Canada in April, alleging breach of agreement and depreciation of goodwill, among other things. (In June, FP Canada said it wasn’t required to take any steps on the litigation at that time.)

FP Canada also no longer recognizes Advocis as an approved provider of the technical education for its designations. FP Canada said it provided notice to Advocis.

Advocis didn’t respond to a request for comment ahead of publication time. A letter sent to Advocis members last week said the association was developing a recovery plan after it stabilized its cash flow to address strained liquidity in 2022. The association said its top priorities are its continuing education offerings, its code of conduct and strengthening its community.

The letter did not mention title protection, approved credentials — including the two it oversees as a credentialing body in Ontario — or designation education.

FP Canada said it will help students currently enrolled with Advocis or the CIFP to complete the technical education for its designations without disruption or extra fees.

“We will provide support to all impacted Advocis or CIFP students who request such support,” the certification body’s statement said. “Students may reach out to FP Canada for more information.”