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Fourth credentialing body approved for Financial Planner and Financial Advisor title use in Ontario

The Financial Professionals Title Protection Framework will help promote consistency, professionalism and confidence among those using these titles

The Canadian Institute of Financial Planning (CIFP), has been approved by the Financial Services Regulatory Authority of Ontario (FSRA) as a credentialing body to grant and oversee Financial Planner and Financial Advisor title use in Ontario.

The following CIFP designations are now approved credentials under the Financial Professionals Title Protection Framework:

Approved credential

Permitted title

Registered Retirement Consultant® (RRC®)

Financial Planner (FP)

Registered Financial and Retirement Advisor® (RFRA®)

Financial Advisor (FA)

Registered Retirement Analyst™ (RRA™)

Financial Advisor (FA)

“The Canadian Institute of Financial Planning has met all of FSRA’s application criteria," says Huston Loke, Executive Vice President, Market Conduct at FSRA. “For over 45 years, it has provided programs to meet certification and education requirements for those practicing in the financial services sector. More than 13,000 securities and insurance professionals across Canada, including 5,000 in Ontario, already make use of their training and continuing education materials. By leveraging these existing licensing and professional designation bodies, we believe Financial Planner and Financial Advisor title protection in Ontario will significantly strengthen consumer protection while making it easier for financial services professionals to earn their credentials.”

FSRA-approved credentialing bodies are responsible for overseeing and enforcing the conduct of their Financial Planner or Financial Advisor credential holders. FSRA requires credentialing bodies to have robust supervision processes and a code of conduct that requires credential holders to put the client’s interest first and ensures the fair treatment of consumers. A list of approved credentialing bodies and their approved credentials can be found on FSRA’s Financial Planner and Financial Advisory Industry page.

"CIFP is pleased to be approved as a credentialing body by the FSRA under the Financial Professionals Title Protection Framework. With the addition of our three approved credentials, Ontario financial consumers now have a wide selection of choices to get the targeted and wholistic financial advice that they require. We will continue to ensure that our credential holders provide their expertise in the best interest of their clients," says Keith Costello, President and CEO, The Canadian Institute of Financial Planning. "We commend the FSRA for their expertise, professionalism, and success in implementing this important consumer protection initiative.  Further, we thank the Government of Ontario for their leadership and foresight in passing the enabling legislation for title protection and encourage other provinces to join Ontario in this new standard." 

Financial Planner and Financial Advisor title protection in Ontario is an important and positive development for the industry. It will:

  • help promote consistency, professionalism and confidence among those individuals using the titles
  • enable those able to officially use the Financial Planner or Financial Advisor title to communicate their value to consumers and validate their education and expertise
  • give consumers the confidence that the individual they are dealing with has a minimum standard of education, is being actively supervised by an approved credentialing body and is subject to a complaints and discipline process.

Learn more:

  • FSRA is committed to providing ongoing and regular updates to facilitate the successful implementation of the Financial Professionals Title Protection Framework, which will be phased in over time. Please visit FSRA’s Financial Planners and Financial Advisors Industry page  for more information about the gradual transition period and titles covered.
  • FSRA is actively reviewing applications and will announce additional credentialing bodies and their designations as they become approved
  • FSRA welcomes existing professional / designation bodies to apply as credentialing bodies under the framework

FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.

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