FSRA proposes to strengthen consumer protection through its new Financial Professionals Title Protection rule and fees
The Financial Services Regulatory Authority of Ontario (FSRA) is continuing to work with the government of Ontario to strengthen consumer protection in the financial services sector.
At present, there are no provincial standards or requirements for individuals who use the titles Financial Advisor (FA) or Financial Planner (FP). If approved, the Financial Professionals Title Protection (FPTP) Rule will set minimum education, examination, conduct, and oversight standards for use of the FA and FP titles in Ontario.
The Rule will provide consumers / investors with added confidence when dealing with FA and FP title users who will be subject to minimum credentialing criteria and appropriate supervision by an approved credentialing body (CB).
By leveraging existing licensing and designation-granting entities as credentialing bodies, FSRA’s proposed Rule implements Ontario’s Financial Professionals Title Protection Act, 2019 with minimum regulatory burden and cost, while significantly strengthening consumer protection.
On January 10, 2022, FSRA submitted the FPTP Rule and the Amended FSRA Fee Rule to the Minister of Finance for final approval. The Rules will take effect upon Ministerial approval and once the relevant legislation has been proclaimed into force.
- FPTP Rule – First public consultation summary
- FPTP Rule – Second public consultation summary
- Amended FSRA Fee Rule – Public consultation summary
FSRA is in discussions with organizations who have expressed interest in applying as a CB. Organizations interested in applying should contact FSRA at FPFAapprovals@fsrao.ca.
Register today for the first-ever FSRA Exchange Event on January 27, 2022 to hear more about FSRA’s approach to regulation across its sectors and how it can positively impact financial services in Ontario. To learn more and register for the event visit: www.fsrao.ca/2022-fsra-exchange.
FSRA continues to work on behalf of stakeholders, including consumers, to ensure financial safety, fairness and choice for everyone. Learn more at www.fsrao.ca.