FSRA updates Proposed Title Protection Framework for Financial Planners and Advisors
The Financial Services Regulatory Authority of Ontario (FSRA) is continuing its work to strengthen consumer protection in the financial services sectors.
As a result of feedback received from stakeholders during the May 2021 public consultation on the Financial Professionals Title Protection Framework, FSRA is proposing a number of changes to the proposed Application Guidance and Supervision Guidance, including:
- Additional detail on FSRA’s supervisory approach for approved credentialing bodies and uncredentialed title users;
- Clarifying that approved credentialing bodies should implement processes for consumer complaint handling and title user disclosure; and
- Clarifying that an approved credentialing body’s code of ethics should include a requirement for credential holders to put the client’s interest first.
Once implemented, the framework will protect titles for financial planners and financial advisors in Ontario and set minimum education standards for use of these titles. It aims to promote professionalism in their services and consumer confidence when dealing with these trained professionals.
FSRA is consulting on the revised Application Guidance and Supervision Guidance. The consultation will close on December 13, 2021.
- First consultation on proposed FPTP Rule and FPTP Approach Guidance (August 2020)
- Second consultation on proposed FPTP Rule and FPTP Approach Guidance (May 2021)
- Previous consultation on proposed amendments to the FSRA Fee Rule to establish a fee structure under the Financial Professionals Title Protection Framework (July 2021)
The Financial Services Regulatory Authority of Ontario (FSRA) is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at www.fsrao.ca.