Professional body urges vigilance amid rise in scams and fraud during pandemic
Canadians should verify their financial planner’s certification to make sure it’s legitimate and updated, according to FP Canada.
Citing the Canadian Anti-Fraud Centre, the professional body said that the COVID-19 pandemic has brought about a rise in scams and fraudulent activity.
“It's important to be vigilant when choosing and engaging with individuals who identify themselves as financial planners or other types of financial services providers,” FP Canada said in a statement.
It encouraged Canadians to use its Find a Planner tool, which lets users search for financial planners by name to verify whether they hold the Certified Financial Planner certification or the recently introduced Qualified Associate Financial Planner certification.
Planners with the CFP credential are certified as having the knowledge, skill, experience, and ethics to provide holistic financial planning strategies and solutions at the highest level of complexity. QAFP-certified planners, meanwhile, are equipped to provide holistic financial planning strategies and solutions for average Canadians in accordance with the same ethical standards expected of CFP certificants.
The search tool also reveals details of any disciplinary history each planner may have with the FP Canada Standards Council.
“By verifying the certification status of a CFP professional or QAFP professional, you can be sure that individual has met the FP Canada Standards Council's certification requirements," said FP Canada's Executive Director, Standards & Certification, Damienne Lebrun-Reid.
A financial planner’s certification status may also be verified in real time by clicking on their digital badge, shown on many CFP and QAFP professionals’ email signatures and social media profiles.
