FSRA approves third credentialing body to grant and oversee Financial Planner title use in Ontario

The Canadian Securities Institute will help strengthen investor and consumer protection

The Canadian Securities Institute (CSI), a Moody’s Analytics Company, has been approved by the Financial Services Regulatory Authority of Ontario (FSRA) as a credentialing body under the Financial Professionals Title Protection Framework. CSI’s Personal Financial Planner (PFP®) designation is now an approved credential for Financial Planner title use in Ontario.

“This is another important step towards strengthening consumer and investor protection across Ontario and minimizing regulatory burden,” says Huston Loke, Executive Vice President, Market Conduct at FSRA. “We now have three highly-qualified credentialing bodies with the addition of CSI, as it is an existing licensing and designation-granting entity.”

Financial Planner and Financial Advisor title protection in Ontario is an important and positive development for the industry and consumers seeking financial planning and advisory services. Establishing minimum education, conduct and supervision standards helps promote consistency, professionalism, and confidence among those individuals using the titles. It also reduces confusion around the wide array of titles and credentials being used in the financial services marketplace.

"CSI is very pleased to be approved as a credentialing body by the FSRA under the Financial Professionals Title Protection Framework. The approval of our Personal Financial Planner (PFP®) designation will enable present and future PFP® designation holders to use the Financial Planning title in Ontario. We are focused on supporting our PFP® designation holders to prioritize their clients' interests," says Marie Muldowney, Managing Director, Canadian Securities Institute. "We have appreciated the openness and cooperation of the FSRA staff throughout the consultation and accreditation process."

CSI is the third credentialing body approved for Financial Planner title use in Ontario. The first two credentialing bodies, FP Canada and the Institute of Advanced Financial Education (IAFE), a subsidiary of Advocis, were approved in April 2022. FSRA-approved credentialing bodies are responsible for overseeing and enforcing the conduct of their Financial Planner or Financial Advisor credential holders. FSRA requires credentialing bodies to have robust supervision processes and a code of conduct that requires credential holders to put the client’s interest first and ensures the fair treatment of consumers.

To facilitate this transition 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 regime. Recognizing that non-compliant title-use may be inadvertent, FSRA 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.

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FSRA continues to work on behalf of stakeholders, including consumers and pension plan members, to ensure financial safety, fairness, and choice for everyone.

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For media inquiries, please contact:

Russ Courtney
Senior Media Relations and Digital Officer
Financial Services Regulatory Authority
Email: [email protected]
Tel: 437-225-8551