FSRA releases first credentialing body examination results
To continue its commitment to transparency and consumer protection, Ontario’s financial services regulator (FSRA) published its 2023-2024 Financial Planners and Financial Advisors Supervision Publication, which included the findings of examinations of four FSRA-approved credentialing bodies.
The examinations took place in Fall of 2023 to determine if FSRA-approved credentialing bodies were compliant with the requirements prescribed in the Financial Professionals Title Protection Act, 2019 (FPTPA), the Financial Professionals Title Protection Rule (FPTP Rule) and the terms and conditions of their approval.
Key findings from the examinations include:
- No violations of the FPTPA, the FPTP Rule, or FSRA’s terms and conditions of approval were observed.
- Three areas of improvement for credentialing bodies were observed. For example, the need to improve credential holder continuing education compliance rates.
- The credentialing bodies demonstrated 12 best practice categories, exceeding the required minimum standards. For example, they conveyed the importance of putting the client’s interests first to credential holders through various communication channels.
Findings from FSRA’s examination of credentialing bodies will inform future amendments or enhancements to the Financial Professional Title Protection Framework, with the goal of achieving consistency between credentialing bodies, enhanced professionalism and consumer protection.
FSRA will continue to conduct risk-based supervision of approved credentialing bodies and publish annual supervision plans.
Learn more:
- 2023-2024 Financial Planners and Financial Advisors supervision publication
- 2023-2024 Financial Planners and Financial Advisors Supervision Plan
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.