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

Summary of the meeting of May 21, 2024
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
David Terry – TD Wealth Financial Planning
Elsa Renzella – New Self-Regulatory Organization of Canada
Craig McLennan – FP Canada
Sheldon Stier – Independent Financial Brokers of Canada

FSRA Board members present:

Joanne De Laurentiis – Chair of the Board
Joseph Iannicelli – Director
Lucie Tedesco
Kathy Bouey
Ali Salahuddin
Brent Zorgdrager
Rob Wellstood
Peggy McCallum

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
Stephen Power, Executive Vice President, Corporate Services
Judy Pfeifer, Chief Public Affairs Officer
Mehrdad Rastan, Executive Vice President, Credit Union Insurance Prudential
Andrew Fung, Executive Vice President, Pensions
Paul Reid, Chief Financial Officer
Wendy Horrobin, Head, Licensing and Risk Assessment
Jelena Pejic, Head, Licensing and Risk Assessment (A)
Jason Harris, Director, Legal Policy and Rule Making
Elissa Sinha, Director, Litigation and Enforcement/Deputy General Counsel
Andrea Foy, Senior Manager, Licensing and Title Protection Policy

Corporate secretary’s office:

Danelle Brown – Corporate Secretary / Deputy General Counsel

General comments:

The Chair of the Board welcomed the Committee and provided introductory remarks about the importance of the Financial Professionals Title Protection Framework and continued engagement with the Committee. The EVP, Market Conduct also welcomed the Committee and provided an update on two key items:

  1. Launch of the Check Credentials Tool, a public registry of individuals who hold an approved credential permitting financial planner and financial advisor title use in Ontario.
  2. The review of the title protection framework to assess its effectiveness in achieving expected outcomes.

The Committee discussed important themes in the sector such as harmonization, consumer clarity and awareness, enhancing standards and supervision and the evaluation of the title protection framework.

The Committee discussed the need for transparency of the minimum standards for credentialing bodies and credentials and that FSRA should take steps to conduct more proactive supervision of individuals using the financial planner and financial advisor titles without an approved credential.

The Committee also discussed the recognition of the difference between title protection and the provision of advice and how FSRA should set standards that focus on ensuring the competency of title users rather than taking an educational approach.

The Committee also supported the framework evaluation and recommended that FSRA conduct a public consultation to seek additional input.

The Chair thanked the Committee for their input. The Chair agreed that harmonization is important. The Chair also mentioned that FSRA’s capacity for consumer engagement is limited and that SAC members can provide “boots on the ground” evidence and information to FSRA.