Effects of Filing Bankruptcy or Consumer Proposal as a Certified Financial Planner in Canada

Financial problems can happen to anyone, even financial planning professionals. If you’re a new applicant or a current certified financial planner renewing certification with the Financial Planning Standards Council (FPSC), you will be required to state whether you are currently in a personal bankruptcy proceeding or a consumer proposal.

You will be asked to share this information when you fill out the Declarations and Professional Obligations section of the new applicant or certification renewal form. If you have already submitted your form, but have filed for bankruptcy since, you will need to still notify FPSC within 15 days of your filing.

Along with your renewal form, you will need to include the following:

• Your reason for filing;
• The date you filed;
• And any outcome

You will also have to attach documents related to your bankruptcy or proposal filing. The FPSC will review your case and decide whether or not you should be denied new or continued certification.

Can I hide my bankruptcy or consumer proposal filing from FPSC?

No. Not disclosing your bankruptcy or proposal filing as member of the FPSC is a breach of the Standards of Professional Responsibility and can result in disciplinary action by FPSC including revocation or suspension. For specific answers to your questions on the status of your professional designation and filing bankruptcy, you are encouraged to contact the FPSC directly.

If you are overwhelmed by debt, contact a Licensed Insolvency Trustee to meet with you for a free consultation to go over all your debt relief options in detail.

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