Fostering modern and effective financial services regulation
Adopting title protection for financial planners and financial advisors
In Ontario today, there is no title protection for financial planners and financial advisors. Families risk receiving financial planning and advisory services from individuals who may not be appropriately qualified to help them save for the future. Lack of title protection undermines professionalism and confidence in those offering financial planning and advisory services.
The government is moving forward with proposed legislation to protect titles for financial planners and financial advisors in Ontario. The proposed new framework is being developed for the financial services industry to require that individuals using the financial planner and financial advisor titles have an appropriate credential. Financial planners and financial advisors would benefit from the knowledge that professionals in their space would be held to a higher standard. Families would be able to reach their financial goals with the confidence that they are dealing with someone who has adequate training and expertise. The new title protection framework will take a measured approach to enhance consumer protection without introducing unnecessary regulatory burden, and will be mindful of the current regulatory oversight of licensees and registrants.
The government’s plan responds to longstanding calls from consumers and the financial services industry to take action. It presents a significant opportunity to strengthen professionalism, and improve efficiency and competitiveness of the industry with the potential to create and retain more jobs. In developing the title protection framework, the government remains committed to engaging with stakeholders to ensure that their concerns are heard. The government is dedicated to fostering an open for business environment and is mindful of the need to ensure a smooth transition for existing experienced and well-qualified professionals.
Bill 100, Protecting What Matters Most Act (Budget Measures), 2019 (See Schedule 25 – Financial Professionals Title Protection Act, 2019)