At the end of March, the Institut québécois de planification financière (IQPF) and the Financial Planning Standards Council (FPSC) signed a memorandum of understanding setting out plans for IQPF to join FPSC as a member organization by the end of 2010.
According to the two organizations, this agreement will help them to establish pan-Canadian standards for financial planning.
Jocelyne Houle-LeSarge, President and CEO of IQPF says that her institute and the FPSC are natural allies. But by joining as a member organization of the FPSC, does this mean that the IQPF will be subordinate to FPSC? No, says Ms. Houle-LeSarge. "For some years, we have been working to give our organization a national scope. By becoming a member of FPSC, we will not be giving up any power. It is purely a matter of collaboration. We will be seated at the same table to monitor standards and practices on a national scale," says Ms. Houle-Lesarge.
"IQPF's membership in FPSC will enhance the notion of co-operation between our two organizations as we work towards a true singular Canada-wide set of standards for financial planning," commented Cary List, President and CEO of FPSC.
The FPSC and the IQPF have been working together for some time to address common issues. In 2009, the two organizations signed an agreement to simplify the process for Certified Financial Planners (CFPs) who want to practice in Quebec and for financial planners from Quebec who want to practice outside of the province.