Purpose of the consultation

FSRA held a 90-day public consultation on the proposed Financial Professionals Title Protection Rule (FPTP Rule) and the proposed Approach Guidance – Financial Professionals Title Protection – Administration of Applications (FPTP Application Guidance). The consultation was posted from August 13 to November 12, 2020.

The proposed FPTP Rule and FPTP Application Guidance outline the parameters for the implementation of the FP/FA title protection framework. These documents set out:

  • the requirements and standards that entities would be required to meet in order to obtain FSRA approval as a credentialing body (CB), and to obtain FSRA approval of a Financial Planner (FP) or Financial Advisor (FA) credential; and
  • FSRA’s proposed approach to the administration of applications for CBs and FP/FA credentials under the Financial Professionals Title Protection Act, 2019 (FPTPA).

FSRA consulted with industry and consumer/investor advocacy stakeholders on the title protection framework to help inform the proposed FPTP Rule and FPTP Application Guidance.

This document summarizes the feedback received during the consultation, as well as FSRA’s response.

Overall, while a number of concerns and questions were raised, the consultation confirmed that stakeholders overwhelmingly support the implementation of a title protection framework for FPs and FAs in Ontario.

FSRA has considered the feedback and comments provided and has made some proposed amendments to the FPTP Rule and the FPTP Application Guidance. The amended proposed FPTP Rule and FPTP Application Guidance will be released for a second consultation.

A full list of respondents to the consultation is provided in Appendix D of the Notice and Request for Comment.

The following table summarizes the key themes that were raised during the consultation period and FSRA’s response.