Credentialing body approval criteria
The Financial Professional Title Protection (FPTP) Rule outlines the criteria that entities are required to meet to be approved by FSRA as a credentialing body (CB). These include, but are not limited to:
- effective governance structures and administrative policies to serve the public interest
- the necessary expertise, resources, policies and procedures and administrative practices to effectively administer and maintain a credentialing program
- a code of ethics and professional standards for its officers, directors and employees that serve the public interest
- the necessary expertise, resources, policies, procedures and administrative practices to effectively oversee the conduct of individuals holding approved credentials it has issued
For additional details on the CB approval criteria and process, please refer to the FPTP Application Guidance.
FP/FA credential approval criteria
The FPTP Rule sets out the approval criteria for a Financial Planner (FP) or Financial Advisor (FA) credential, which includes but are not limited to:
- requirements ensuring that individuals using the credential will deal with their client(s) competently, professionally, fairly, honestly and in good faith
- education that provides the technical knowledge, professional skills and competencies that would be reasonably expected of individuals holding the FP or FA credential
- a documented examination process
- compliance with a code of ethics, professional standards and continuing education
For additional details on FSRA's approach for-assessing FP/FA credentials, please refer to the FPTP Application Guidance.
The application process
An entity must submit an application to FSRA to obtain approval as a CB and a FP/FA credential.
The application consists of:
- Part A – CB application form
- Part B – Application for the approval of a FP/FA credential
FSRA will review the application and supporting documents against the prescribed standards of the FPTP Rule and the Application Guidance.
FSRA will communicate its decision to the applicant within 60 calendar days after receipt of all required documentation.
Assessment and fees
The following fees will be applicable and payable to FSRA when applying for approval as a CB and for a credential:
- CB application fee
$10,000 for the approval of a CB. This is a non-refundable fee paid upon the submission of the corresponding application form. This fee covers the cost of assessing the application
- Credential application fee
$5,000 for the approval of each FP or FA credential. This is a non-refundable fee paid upon the submission of the corresponding application form. This fee covers the cost of assessing the application
The following fees will be applicable and payable to FSRA after the successful approval of CB:
- Fixed annual CB fee: a $25,000 fee to support the recovery of direct costs incurred for oversight of the sector.
- Variable annual CB assessment: This fee will cover FSRA's costs not recovered from the fixed annual CB fee and FSRA's common cost associated with the sector. Please see Appendix 1 of the Fee Rule to learn how the variable annual CB assessment is calculated.
- Time-limited annual assessment to recover start-up costs: FSRA will need to recover costs incurred to design and implement the title protection framework. These costs will be allocated among approved CBs and amortized over a ten (10) year period. Please see Appendix 1 of the Fee Rule to learn how the time-limited annual assessment is calculated.
Need more help?
If you have questions about your application or the application process, contact FSRA at [email protected].