ID
2020-008

Type
Règle
Secteur
Secteur des planificateurs et conseilers financiers
État
Période de commentaires du public terminée
Date
13 août 2020
Date de remise des commentaires
12 novembre 2020

Nous accusons réception de vos commentaires sur la règle et des lignes directrices de protection du titre des professionnels des finances.

Nous remercions ceux et celles qui nous ont envoyé leurs commentaires et questions à ce jour. Nous en avons tenu compte dans la version finale de la règle et les lignes directrices.

Cette consultation est maintenant terminée.

Résumé

L’Autorité ontarienne de réglementation des services financiers (« ARSF ») désire obtenir des commentaires au sujet de la règle proposée 2020-001 – Protection du titre des professionnels des finances (« règle PTPF ») et au sujet des lignes directrices proposées en matière d’approche intitulées Protection du titre des professionnels des finances – Administration des demandes d’approbation (« lignes directrices PTPF »).

L’ARSF désire également obtenir des commentaires et suggestions de la part des parties intéressées au sujet des mesures que l’Autorité pourrait prendre pour simplifier les processus de soumission de demande et d’approbation.

La consultation du public aura une durée de 90 jours. 

Aperçu

La règle de PTPF proposée établit des exigences et normes que les entités devraient respecter pour se faire approuver comme organisme d’accréditation par l’ARSF en vue de délivrer les titres de compétence de « planificateur financier » (PF) et de « conseiller financier » (CF). La règle PTPF proposée définit également les exigences auxquelles il faut satisfaire en permanence pour maintenir ces approbations. L’avis de règle proposée et de demande de commentaires qui accompagne la règle PTPF proposée fournit le contexte et les justifications qui aident à comprendre la règle PTPF et établit le processus de la consultation du public.

Les lignes directrices PTPF proposées établissent l’approche que propose l’ARSF en ce qui a trait à l’administration des demandes des organismes d’accréditation et des demandes de titres de PF/CF en vertu du cadre de protection des titres proposé. Leur objectif est d’aider les demandeurs potentiels à comprendre ce dont ils ont besoin pour obtenir une approbation et la maintenir en tant qu’organisme d’accréditation et ce dont ils ont besoin pour que leur titre de PF ou de CF soit approuvé en vertu de la Loi de 2019 sur la protection du titre des professionnels des finances (LPTPF).

Les lignes directrices PTPF proposées comprennent un aperçu du type d’information auquel s’attend l’ARSF dans une demande d’approbation pour un organisme d’accréditation et pour une personne qui désire utiliser le titre de PF ou de CF.

Contexte

Dans le budget de l’Ontario de 2019, le gouvernement a annoncé qu’il présentera un projet de loi visant à limiter l’utilisation des titres de « planificateur financier » et de « conseiller financier » aux personnes qui ont obtenu ce titre d’un organisme d’accréditation approuvé par l’ARSF.

La Loi de 2019 sur la protection du titre des professionnels des finances (LPTPF) a reçu la sanction royale du mai 2019. Elle n’a pas été promulguée. 

L’ARSF s’est vu accorder le pouvoir d’établir des règles et de concevoir le cadre de protection des titres de PF/CF en vertu de la LPTPF, notamment en ce qui a trait aux éléments suivants :

  • Critères d’approbation des titres et des organismes d’accréditation
  • Gestion des demandes des organismes d’accréditation éventuels
  • Frais de présentation de dossier
  • Périodes de transition pour les utilisateurs actuels des titres de PF/CF.

Liens utiles

#En soumettant un contenu, vous acceptez que votre document soit publié sur notre portail de participation et utilisé dans des rapports ou d’autres documents préparés par l’Autorité de réglementation des services financiers (ARSF) et qui pourraient rendus publics. Nous avons modéré le contenu pour nous assurer que toutes les publications sont respectueuses et professionnelles. La Loi sur l’accès à l’information et la protection de la vie privée, L.R.O. 1990, chap. F.31, s’applique à tout contenu publié en ligne.

Secteur Commentaire Date postée
[2020-008] Neil Gross - OSC Investor Advisory Panel
Please see attached comment letter from the Ontario Securities Commission Investor Advisory Panel.

Thank you.
Secteur des planificateurs et conseilers financiers
[2020-008] Consumer Council of Canada - Consumer Council of Canada
Secteur des planificateurs et conseilers financiers
[2020-008] Stephen Frank - CLHIA
[2020-008] Melissa Ghislanzoni - Portfolio Management Association of Canada (PMAC)
Attached on behalf of the over 280 members of the Portfolio Management Association of Canada (PMAC), please find attached our response to FSRA's consultation on the regulation of Financial Planner and Financial Advisor titles.
We thank you for the opportunity to provide our comments.
Please do not hesitate to reach out should you have any questions.


[2020-008] Douglas Walker - FAIR Canada | Canadian Foundation for Advancement of Investor Rights
Please find attached the comment letter submitted on behalf of FAIR Canada | Canadian Foundation for Advancement of Investor Rights
Secteur des planificateurs et conseilers financiers
[2020-008] James Ryu - Advocis
Please find attached Advocis' comments in regards to Proposed Rule [2020-001], Financial Professionals Title Protection.

Regards,
James Ryu
Secteur des planificateurs et conseilers financiers
[2020-008] Ron Cooke - Strategic Wealth Protection Partners Inc.
I have been a qualified life insurance and financial services advisor for over 30 years. With this proposal you are telling me that even though I am still licensed that now I cannot tell people that I will advise them on the same things I have advised them on for the last 30 years. I understand what you are trying to do with the changes proposed but you are missing all the people that are qualified life insurance advisors offering their clients investments from insurance companies. This is disconnect, especially for the clients who I have to tell them that even though I am still licensed I am not a financial advisor. If being licensed to sell life insurance is not qualified to be called a financial advisor then there is something drastically wrong with the system. I can understand that you may need certain qualifications to call your self a financial planner. And, if you are a licensed life insurance advisor who is licensed to offer life insurance, disability insurance, RRSP's, TFSA's, RESP's, Non-Reg investments and annuities to their clients but cannot advise them on this makes no sense. What do all the life insurance advisors clients do for advice?
[2020-008] Poonam Puri
Please see attached the Osgoode IPC's comment letter on FSRA's FAFP Title Consultation.
Secteur des planificateurs et conseilers financiers
[2020-008] Devin Mataseje - FP Canada
Secteur des planificateurs et conseilers financiers
[2020-008] Paige Ward - Mutual Fund Dealers Association
Please find attached the MFDA's comments on Proposed Rule 2020-001 Financial Professionals Title Protection under the Financial Professionals
Title Protection Act, 2019.
[2020-008] Jason Watt - Business Career College Corp
Please find attached our full commentary. Thank you for the opportunity.
[2020-008] Tasmin Waley - Canadian Bankers Association
[2020-008] Evelyn Jacks - Knowledge Bureau
Thank you for the opportunity to provide this response.
Secteur des planificateurs et conseilers financiers
[2020-008] IIROC

Secteur de l'assurances habitation, vie et maladie
[2020-008] John A. Adams - Primerica Financial Services Limited (PFSL)
Attached, please find Primerica Financial Services' Response to FSRA's Draft Rule 2020-001 - Financial Professionals Title Protection.
We appreciate the opportunity to provide our recommendations.

Submitted on behalf of John A. Adams, CEO
Secteur des planificateurs et conseilers financiers
[2020-008] Marc Flynn - CSI
Secteur des credit unions et caisses populaires
[2020-008] Robert Wellstood - Kawartha Credit Union
See attached.
[2020-008] Mary Lou Olton - Edward Jones
Secteur des planificateurs et conseilers financiers
[2020-008] Nick Pszeniczny - Financial Horizons Group
Secteur des planificateurs et conseilers financiers
[2020-008] Jason Pereira - The Financial Planning Association of Canada
Secteur des planificateurs et conseilers financiers
[2020-008] Ontario Bar Association

Secteur des planificateurs et conseilers financiers
[2020-008] Jim Wingrove - The Co-operators

Secteur des planificateurs et conseilers financiers
[2020-008] Carol Wilding - CPA Ontario
Secteur des planificateurs et conseilers financiers
[2020-008] Andrew Teasdale

Secteur des planificateurs et conseilers financiers
[2020-008] Consumer Advisory Panel

Secteur des planificateurs et conseilers financiers
[2020-008] Harold Geller

Secteur des credit unions et caisses populaires
[2020-008] Rachel Barry - Canadian Credit Union Association (CCUA)
[2020-008] Michelle Alexander - IIAC
Please find attached the IIAC comment letter on the proposed Financial Professionals Title Protection Rule.
Secteur des planificateurs et conseilers financiers
[2020-008] Jacquie Skinner - Institute of Advanced Financial Planners (IAFP)
Secteur de l'assurances habitation, vie et maladie
[2020-008] Matthew Sanger
Regulating titles of financial planners and financial advisors is long overdue. It would help to prevent the kind of misleading practice experienced by my elderly parents some years ago. When I looked into the financial advice my father received from his long time “financial advisor” I was unable to obtain basic information on the performance of his investments. On further investigation, I , found that the “advisor” had failed to inform my parents how we was compensated, failed to provide stanard disclosure documents, and did not base his recommendations on an assessment of my parents’ financial needs. This neglect of basic industry standards and ethics led my parents to sever their relationship with the so-called advisor (David Burns of David Burns and Associates in Ottawa). When I looked into recourse available to my parents, I discovered that my options were extremely limited because David Burns had no designation as a financial advisor and therefor was not subject to a professional regulatory body. My only avenues for complaint were the ombudsperson for Standard Life, whose life insurance products he sold, and the ombuds service of the industry association, the Canadian Life and Health Insurance Association, neither of which were effective. The proposal to regulate the use of the titles financial planner and financial advisor will help to better protect others in the future.
Secteur des planificateurs et conseilers financiers
[2020-008] Curtis Findlay
Please see my attached submission commenting on the proposed framework for Title Protection of FA's and FP's.
Secteur des planificateurs et conseilers financiers
[2020-008] Ken Kivenko - Kenmar Associates
Secteur de l'assurances habitation, vie et maladie
[2020-008] Lisa Moretto - Masters Life Insurance Agency
In regards to the ability to use a specific title, years of experience should also be considered when making this decision on the title. This could be in combination with investment and/or insurance courses. Older people in the business should not be penalized for not having the education that was not required when they started in the business. As long as continuing education was and will be adhered to.
Secteur des credit unions et caisses populaires
[2020-008] Steve McQueen
A large portion of the population comes to "financial advisors", and "financial planners" for guidance on how to save for retirement, build wealth and secure their futures. However, the advice that the general public receives from these individuals is often contrary to the public's best interest, and serving to the bank's own interests.

The issue is that Financial Advisors/Planners (FAPs) are trained by the bank, and they are trained to recommend what amounts to poor investment decisions, and borders on predatory behaviour. I want to be clear, FAPs are recommending what they genuinely believe to be a sound course of action, but they are trained poorly on purpose, to recommend products that are more financially beneficial to the bank.

If these roles are allowed to credentialize, there should be a strict standard of training, and examinations similar to the rigor of the CFA program (e.g., ensure the level of competency is at least as rigorous as the CFA or CA examinations), and ensure that there is not allowed to persist sub-standard advice from these roles through a thorough training, and grievance process. Do not confuse the public with additional titles, and do not enable predatory selling of bad investments to niave consumers. There needs to be a clear line: You are either an advisor to your client, and acting in their best interest always, or you are a sales person for the bank and need to be clearly labelled as such.
Secteur des planificateurs et conseilers financiers
[2020-008] Krystyn Schilling
Regulating the titles is a fantastic initiative!
However seeing that FSRA will develop a fee model to recover its costs for establishing and administering the new credentialing regime, including compliance and enforcement of the permitted use of titles is disappointing.
The Organizations that grant and administer industry designations are already expensive to join and continue your membership with. In addition to those organization fees, advisors need to pay hefty fees to their SRO (whether IIROC or MFDA) for regulation and then they needs errors and omissions insurance, etc.
Please regulate the titles but please also regulate the costs to advisors because the increased fees is going to make it unsustainable for advisors to join and remain in the industry. OR fees will need to increase and make good financial advice more difficult for the average person to attain.
Secteur des planificateurs et conseilers financiers
[2020-008] David Wagg - Olympian Financial Inc
Are the bank advisors going to be held to the same standards or will it continue as usual with them hiding behind the banks credentials.
They do not have the same rigorous processes to go through to get licensed and are not held to the same level of competence.
Let's make the playing field level as anyone giving financial advice be it for investments or mortgages should have the same rules to follow.

[2020-008] Charles A Mccrudden
Regarding the August 13 2020 consultation with respect to financial services persons it is essential that "fiduciary responsibility" be included in the requirements for anyone undertaking an advisory role in a client's financial transactions. Semantics such as advisor and and adviser only serve to confuse even the informed amongst the investing environment. Eliminating the confusion is essential to building confidence in this business as is the fiduciary aspect.

Without these two changes the financial advice industry is destined to decline in stature and eventually fail as a business model which is unfortunate for investors who need assistance with the planning of their financial future.
Date posted Secteur Question et réponse
Secteur des planificateurs et conseilers financiers

Question: Dear Sir/Madam, Will the legislation ban fake awards? Their are magazines/websites that purport to name the "best" financial planners (for a fee). Here is an example https://www.ccaward.com/

FSRA réponse:

The scope of the title protection framework, and the supporting legislation, does not include the awards referred to in your question. 
Secteur des planificateurs et conseilers financiers

Question: Will the use of 'financial planning' be regulated in relation to products as well? IE- TD claims to have a 'financial planning app' that is really just selling investments. see announcement of app here: https://www.advisor.ca/news/industry-news/td-launches-financial-planning-app/?utm_source=EmailMarketing#038;utm_medium=email&utm_content=advisor'sedge&utm_campaign=PM_Bulletin

FSRA réponse:

Thank you for sharing your concern. FSRA is aware of the mobile app. Once in force, FSRA’s proposed rule, and the supporting legislation, will introduce restrictions on individuals’ use of the financial planner and financial advisor titles. No individual will be permitted to use these titles without first obtaining a credential that has been approved by FSRA for use of one of the two titles. The legislation gives FSRA authority to take action against individuals who use the financial planner or financial advisor titles without holding an approved credential. FSRA will consider complaints about individuals’ misuse of the titles on a case-by-case basis, and will take action as appropriate.