Executive summary
The Financial Services Regulatory Authority of Ontario (FSRA) is an independent regulatory agency established to improve consumer protection in Ontario. FSRA promotes high standards of business conduct by regulating financial services sectors, including the Financial Planners and Financial Advisors sector.
For 2026-2028, FSRA will:
- continue to focus supervision efforts on the credential holder oversight processes of the approved credentialing bodies
- ensure credentialing body adherence to requirements under the Financial Professionals Title Protection Act, 2019 (FPTPA), Rule, Guidance, and Terms and Conditions of credentialing body approval
- conduct risk based reviews of uncredentialed title use, with a focus on protecting consumers from individuals who are not qualified to use protected titles
What this means for industry and consumers
FSRA’s supervision plan is designed to achieve the following outcomes in support of consumer protection and the promotion of high standards of business conduct:
- enhance oversight processes for credential holders by approved credentialing bodies
- assess uncredentialed title use through a risk‑based review to identify areas of potential consumer exposure to misuse of protected titles
This supervision plan will support better outcomes for consumers and foster accountability among financial professionals across Ontario.
Background
Since the implementation of the title protection framework, FSRA has established its supervisory priorities and policy direction through ongoing engagement with both consumer and industry stakeholders. Insights from these engagements, together with the observations and risks identified through supervisory activities, have shaped FSRA’s current supervisory focus. Based on this, FSRA has developed supervision plans to monitor industry trends and compliance among credentialing bodies. As of the date of this publication, FSRA has approved five (5) credentialing bodies and thirteen (13) credentials. The framework ensures that an individual using the Financial Planner or Financial Advisor title is actively supervised by an approved credentialing body and is subject to a complaints and disciplinary process.
In 2025-2026, FSRA undertook thematic reviews of select credentialing bodies and delivered an education and awareness initiative for the Life and Health Insurance sector to address instances of uncredentialed Financial Advisor title use following the conclusion of the Financial Advisor transition period. FSRA also continued its supervisory work assessing credential holder oversight practices by the credentialing bodies and monitoring the extent to which prior supervisory findings have been addressed.
Building on supervisory work conducted in 2025-2026, FSRA has identified areas for continued supervisory focus, including credentialing bodies’ processes such as complaints handling, disciplinary processes, and environmental scanning, as well as credentialing body’s compliance with their terms and conditions of approval. In addition, FSRA will review education pathways and advanced standing practices to assess ongoing compliance with regulatory requirements.
With the expiry of the Financial Planner transition period on March 28, 2026, only individuals who hold a FSRA‑approved Financial Planner credential may use the Financial Planner title. FSRA will ensure that individuals using the protected title hold the required credential and are overseen by an approved credentialing body.
FSRA’s 2026-2028 areas of supervision
1. Credentialing body thematic reviews
In 2026-2028, FSRA will continue to strengthen credential holder oversight by assessing how credentialing bodies oversee the conduct of their credential holders. FSRA will conduct thematic reviews to evaluate the extent to which these credentialing bodies adhere to applicable requirements under the Financial Professionals Title Protection Act, 2019 (FPTPA), Rule, Guidance, and Terms and Conditions of credentialing body approval. These reviews will provide an important opportunity for FSRA to clarify its supervisory expectations for credentialing bodies, while also identifying and promoting best practices observed across the sector. This work will contribute to enhanced consumer protection and support the promotion of high standards of business conduct across the sector.
Credentialing body complaints handling, disciplinary actions, and environmental scanning processes
FSRA will conduct thematic reviews of how credentialing bodies oversee their credential holders, with a continued emphasis on:
- complaints handling
- disciplinary actions
- environmental scanning processes
Through these reviews, FSRA will identify effective oversight practices across credentialing bodies and draw on these insights to further clarify supervisory expectations, promote best practices, and support continuous improvement. Separately, FSRA will follow up on prior supervisory review feedback to assess credentialing bodies’ responses.
Adherence to terms and conditions
FSRA will assess credentialing bodies’ adherence to their terms and conditions of approval, including requirements related to data transmission to FSRA’s Check Credentials Tool. This work will include ensuring credentialing bodies accurately report both credential holders who are in good standing and those who are not in good standing in their data transmission to FSRA’s Check Credentials Tool.
This approach supports transparency and helps ensure consumers have access to reliable and consistent information when verifying credentials and may also support any future considerations related to enhancements of the Check Credentials Tool.
Material changes since credentialing body approval
FSRA will review any material updates to the credentialing bodies’ credentialing operations since its initial approval to assess continued compliance with regulatory requirements. This includes reviewing updates to credentialing pathways or program requirements, and other material operational developments.
2. Reviewing Financial Planner title use by uncredentialed individuals
Following the expiry of the Financial Planner transition period, FSRA will review the use of the Financial Planner title by individuals who may not hold an approved credential. This will help FSRA understand how frequently uncredentialed title use occurs, where it happens, and where consumers may encounter uncredentialed use of the protected title. The insights gained will help shape future supervisory work and strengthen consumer protection.
Conclusion
The 2026-2028 Supervision Plan aims to strengthen credential holder oversight across all credentialing bodies and address uncredentialed title use in the Financial Planner and Financial Advisor sector. Through thematic reviews, oversight of credentialing pathways, and continued monitoring of adherence to the terms and conditions of credentialing body approval, FSRA will support improved regulatory outcomes and consumer protection.
By assessing credentialing body practices, promoting consistency across the sector, and identifying risks related to uncredentialed title use, FSRA will continue to foster high standards of business conduct and enhance consumer confidence in the use of the protected titles.