FSRA is committed to supporting its stakeholders by providing them with clear and concise information and the tools they need to successfully implement the Financial Professionals Title Protection Framework.
Individuals who were using the Financial Planner or Financial Advisor title on or before January 1, 2020, are permitted to continue using the title during a transition period of four years for Financial Planner and two years for Financial Advisor from the date the legislation came into force (March 28, 2022). Before the transition period ends, these individuals must do the following to continue using the title without regulatory implications:
- Determine whether their existing designation or licence is approved by a FSRA-approved credentialing body; or
- Obtain an approved designation or licence from a FSRA-approved credentialing body.
Individuals who started using the Financial Planner or Financial Advisor title after January 1, 2020, are only permitted to do so once they hold an approved designation or licence from a FSRA-approved credentialing body.
To facilitate the transition to the new title protection framework through the balance of 2022:
- FSRA’s resources will be focused on approving credentialing bodies and assisting them with the implementation of the title protection framework.
- Recognizing that non-compliant title use may be unintentional, FSRA’s enforcement activities with respect to non-compliant title users, as described in FSRA’s Supervision Guidance, will focus on responding to consumer complaints and protecting consumers from harm by requesting non-compliant title users to voluntarily cease title use within 30 days.
Please refer to the following flow chart to determine if the transition period applies to you.