We are happy to see the Government is finally acting on this. This
will ensure that only those whom are qualified to call themselves a Financial
Planner can do so.
Here is an excerpt from a recent communication from The Canadian
Financial Planning Standards Council. We feel it is important that the Consumer
will be able to clearly define the differences between Planners and Advisors.
The Government of Ontario released the 2017 Ontario Budget: A Stronger, Healthier Ontario.
FPSC was pleased to see included in the budget a reaffirmed commitment from the government to moving forward in the coming year with new regulatory standards for financial planners, based on the policy recommendations contained in the Final Report of the Ontario Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives.
Specifically, the government committed to closing “the gap that currently allows financial planners to perform their valuable work without regulatory oversight or specified proficiency requirements”, by restricting the title “financial planner” to individuals who are qualified, ethical, overseen and accountable to an appropriate body for their professional conduct. The government also reiterated their intent to concurrently restrict other related industry titles that can confuse and mislead consumers.
While most of these budget details had previously been announced, we are nonetheless pleased to see the government’s explicit recognition of the vital work performed by “financial planners”, and their continued commitment to enhancing protections for the consumers who rely on them. FPSC looks forward to working with the government and other regulators and industry stakeholders in the coming months to build on this momentum.
FPSC was pleased to see included in the budget a reaffirmed commitment from the government to moving forward in the coming year with new regulatory standards for financial planners, based on the policy recommendations contained in the Final Report of the Ontario Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives.
Specifically, the government committed to closing “the gap that currently allows financial planners to perform their valuable work without regulatory oversight or specified proficiency requirements”, by restricting the title “financial planner” to individuals who are qualified, ethical, overseen and accountable to an appropriate body for their professional conduct. The government also reiterated their intent to concurrently restrict other related industry titles that can confuse and mislead consumers.
While most of these budget details had previously been announced, we are nonetheless pleased to see the government’s explicit recognition of the vital work performed by “financial planners”, and their continued commitment to enhancing protections for the consumers who rely on them. FPSC looks forward to working with the government and other regulators and industry stakeholders in the coming months to build on this momentum.
