Summary of revisions

The following is a summary of revisions to the Financial Professionals Title Protection Approach Guidance – Administration of Applications – following the first public consultation on the Financial Planner/Financial Advisor (FP/FA) Title Protection Framework (August 13 – November 12, 2020).

Purpose and scope

  • Included additional language to expand and clarify those affected by the guidance.

Rationale and background

  • Minor amendments for clarification.

Credentialing bodies – application

  • Several amendments to clarify and refine the guidance in this section.
  • Added new guidance for credentialing bodies (CBs) to demonstrate its approach for the regular review of its education curriculum for approved credentials.
  • Expanded guidance to include an explanation of any alternative pathways or education exemptions with respect to obtaining a credential.
  • New guidance to include a link to any current public listing maintained by the CB of individuals holding a designation

Timeline for approval

  • Changed FSRA’s timeline to communicate a decision on an application from 30 calendar days to 60 calendar days.  

Approved credentialing bodies and credentials

  • Clarified that any terms and conditions with respect to approval would be noted on the FSRA website.
  • Clarified that FSRA will use information provided by approved CBs to establish a consolidated public registry.

FP and FA credentials – application

  • Minor amendments for clarification.

Governance and administration 

  • Strengthened language for CBs to describe how they serve the public interest by identifying, managing and addressing conflicts with respect to their operations, structure, credential holder oversight and credentialing decisions.

Ensuring only qualified individuals are granted a credential

  • Included guidance for CBs to demonstrate how they will assess the suitability of a prospective credential holder, should disciplinary action or enforcement action be taken by another approved CB or regulatory body.

Conduct oversight of credential holders

  • Strengthened language to provide guidance to CBs with respect to information sharing between approved CBs/regulatory bodies.
  • Strengthened language with respect to monitoring the conduct and suitability of credential holders in the event of disciplinary/enforcement action.

Publicly available information

  • Included guidance for CB to demonstrate how it will share data from its public list of credential holders with FSRA to facilitate the development of a consolidated public registry.

Credentialing program

  • Several amendments to clarify and refine the guidance in this section.
  • New guidance for CBs to demonstrate its policies and procedures for exam administration.
  • Strengthened language with respect to continuing education requirements.

Education requirements

  • New section, which outlines FSRA’s expectation with respect to the approval of an education program for a FP/FA credential.
  • Added tables in the Appendix to outline FSRA’s approach for assessing a CB’s curriculum against the FP/FA credential approval criteria. Content in the tables previously known as the “FP/FA Baseline Competency Profiles”. Amendments made to the content to reflect comments received during the consultation period.
  • Clarified that the FP/FA curriculum assessment tables are for credentialing bodies to determine if their curriculum meets FSRA’s baseline standards.