FSRA Working to Promote Consumer Confidence in Financial Planning and Advisory Services
FSRA Launches Public Consultation on Financial Professionals Title Protection Rule and Guidance
TORONTO, ON – August 13, 2020 – The Financial Services Regulatory Authority of Ontario (FSRA) is proposing minimum standards for the use of the “financial planner” and “financial advisor” titles, so that consumers can have confidence in the quality of financial planning and financial advisory services they receive from these individuals.
The Government of Ontario has introduced legislation that will require individuals who use the “financial planner” (FP) and “financial advisor” (FA) titles to have a financial planner or financial advisor credential from a FSRA-approved credentialing body.
Under the proposed Financial Professionals Title Protection Rule, FSRA will leverage existing frameworks for licensing and designating financial professionals to ensure efficient and effective regulation. As set forth in the consultation documents, FSRA will consider applications from entities seeking approval as credentialing bodies that will oversee the conduct of FP and FA title users. FSRA approval of the credentialing bodies’ proposed granting of titles will also be required.
FSRA is holding a 90-day public consultation on its proposed rule and guidance. Learn more about the approach, background and processes at Financial Professionals Title Protection Rule and Guidance.
FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more @ www.fsrao.ca.
For media inquiries:
Senior Communications Officer, Corporate Communications
Financial Services Regulatory Authority of Ontario