FP Canada™ applauds clarity for consumers as title protection for financial planners moves forward in Ontario
FP Canada applies to be an FSRA-approved credentialing body to grant and oversee the use of the Financial Planner designation
TORONTO, March 23, 2022 /CNW/ – FP Canada applauds the Ontario Minister of Finance for protecting consumers by moving forward with the protection of the financial planner designation. Today, the Honorable Peter Bethlenfalvy, Minister of Finance, approved the Financial Services Regulatory Authority of from Ontario (FSRA) Financial Professionals Title Protection Rule. The rules and related guidelines will come into effect once the Financial Professionals Title Protection Act, 2019 was proclaimed in force on March 28, 2022.
This legislation creates minimum standards for people using the titles of financial planner and financial adviser, so that consumers can be sure that the person they are dealing with has a minimum level of education, is subject to strict ethical requirements, is actively overseen by an accrediting body and subject to a rigorous complaints and discipline process. Regulating the use of the title financial planner benefits consumers by providing them with the clarity and confidence they need when seeking professional financial planning advice to help them achieve financial well-being.
Under the legislation, individuals using the financial planner designation will be required to hold an approved credential from an FSRA-approved credentialing body. FP Canada applies to become an FSRA-approved credentialing body and submits both the Certified Financial Planner® certification and the Qualified Associate Financial Planner™ certification for use of the Financial Planner designation in Ontario.
“This is a significant and meaningful step forward for consumer protection in Ontario,” mentioned Tashia Batstone, President and CEO of FP Canada. “Canadians who work with CFP® professionals and QAFP™ professionals can trust that their financial planners have demonstrated the knowledge, skills, experience and ethics to provide the holistic financial planning advice they need. At FP Canada, we firmly believe that all Canadians deserve to have this level of confidence when working with a financial planner. Ontario government to provide Ontario consumers the clarity they need when seeking financial advice.”
As a professional body working in the public interest, FP Canada has long advocated that policy makers limit the use of the financial planner title to those who hold appropriate certification as a financial planner from a recognized professional body. FP Canada will continue to work with all provinces to track from Ontario leadership in establishing similar legislative restrictions on the use of the financial planner title.
About FP Canada
A national professional certification and oversight body working in the public interest, FP Canada is dedicated to promoting better financial well-being for all Canadians by leading the advancement of professional financial planning in Canada. There are approximately 17,000 Certified Financial Planner® professionals and approximately 1,900 Qualified Associate Financial Planner™ professionals (in December 31, 2021), who adhere to FP Canada’s rigorous professional and ethical standards. Visit the FP Canada website for more information.
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