Financial Planner / Financial Advisor (FP/FA) Stakeholder Advisory Committee (SAC)
Meeting with FSRA Board of Directors

Summary of the May 5, 2023 Meeting
25 Sheppard Avenue West and virtually via Teams

SAC members present:

Jason Watt – Business Career College
Adrian Lake – Canadian Securities Institute
Mauro Lagana – Canadian Bankers Association
Harvey Naglie – Consumer / Investor Advocate
Jennifer McQueen – Mainstreet Credit Union
Anthony Williams – Canadian Institute of Financial Planning
Mike Thom – CFA Societies Canada
Moira Klein-Swormink – Edward Jones
David Terry – TD Wealth Financial Planning
Elsa Renzella – New Self-Regulatory Organization of Canada
Tashia Batstone – FP Canada
Sheldon Stier – Independent Financial Brokers of Canada
Greg Pollock – Advocis

FSRA Board members present:

Joanne De Laurentiis – Chair of the Board
Larry Ritchie – Director
Joseph Iannicelli – Director
Kathy Bouey – Director
Dexter John – Director

FSRA Management members present:

Mark White – Chief Executive Officer
Huston Loke – Executive Vice Present, Market Conduct
Glen Padassery – Executive Vice President, Policy
Jordan Solway – Executive Vice President, Legal and Enforcement
Heather Greenberg – Corporate Secretary and Deputy General Counsel
Wendy Horrobin – Head, Licensing and Risk Assessment
Joel Gorlick – Director, Policy - Market Conduct
Dan Miles – Director, Corporate Communications
Andrea Foy – Senior Manager, Licensing and Title Protection Policy
Alston Perianayagam – Chief Risk Officer
Chris Zolis – Head, Forensic Analysis and Investigations

General comments

The Chair of the Board welcomed the Committee and provided introductory remarks about the importance of the Financial Professionals Title Protection Framework. The EVP, Market Conduct also welcomed the Committee and provided an overview of three key areas that FSRA will focus on this year:

  1. Development of the public registry – a single source tool that consumers can use to verify if a financial planner or financial advisor holds an approved credential
  2. Supervision plan for approved credentialing bodies
  3. Proposed amendments to the FSRA Fee Rule, which would mitigate the potential duplication of regulatory costs should the New Self-Regulatory Organization of Canada become an approved credentialing body.

The Committee discussed factors or changes in the sector that they are actively monitoring including, but not limited to, whether FSRA will obtain enhanced enforcement powers, the increase in credentialing body assessment fees, the need for consumer education, harmonization of title protection frameworks across provinces, providing advice in diverse communities and how to attract talent in those communities, and managing terminology in the use of digital tools and virtual advice.

The Committee discussed the sector’s critical success factors including, but not limited to, consumer education, explaining the difference between the financial planner and financial advisor titles and what services they can provide consumers, credentialing bodies' responsibility to contribute to public awareness, the role of FSRA vs. the role of credentialing bodies / other stakeholders in educating consumers, continued evolution of the title protection framework to ensure the right level of consumer protection, and how FSRA should be the central point of contact for consumers.

The Committee discussed the top sector risks including, but not limited to, harmonization of title protection frameworks across provinces, ensuring that compliance makes sense at the practical/operational level, duplicate fees for credential holders (in particular for those who do not use the FP or FA title), the level of enforcement that is intended for approved credentialing bodies, and existing minimum standards for FP and FA title users.

The Chair thanked the Committee for their input. The Chair advised that she hopes the Committee will continue to have open and frank discussions with FSRA regarding the framework, and will continue to bring evidence and information from the front lines.