Complaints, permanent bans up for financial planners in 2025

Complaints and permanent bans were both up for financial planners last year, based on the FP Canada Standards Council’s annual report released on Wednesday.

The council is the division of FP Canada that oversees certification requirements and sets and enforces financial planning standards.

The council received 128 complaints in 2025 — up from 87 in 2024, representing a year-over-year increase of 47%.

In 2025, 53 of the complaints came from the public — more than double the 22 such complaints received the previous year — and 69 complaints initiated by the council.

Top complaint allegations were diligence (20.3%), client service failure, multiple allegations (19.5%), integrity (18.8%) and suitability (12.5%).

Of the complaints, 27 (about 21%) were referred to a conduct review panel, and eight were referred to a disciplinary hearing panel.

The most common outcome of conduct review panels (about 59% of outcomes) was the issuance of guidance and advice covering a wide range of issues — from creating social media posts impugning the conduct of another CFP professional, to possessing altered or pre-signed forms, to making false attestations to FP Canada regarding regulatory investigations.

In 2025, 15 disciplinary hearings were held (not necessarily concluded), compared to 12 the previous year.

Hearing panel outcomes in 2025 included permanent bans or revocations — about 42% of outcomes, up from about 38% the previous year. One case that resulted in a permanent ban was related to social media posts and conduct outside of a financial planning practice.

Another 25% of hearing panel outcomes were suspensions or temporary bans, compared to 50% in 2024.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.