Steps are being taken to provide consumers with greater protection and clarity when dealing with Financial Planners and Financial Advisors
The Financial Services Regulatory Authority of Ontario (FSRA) is taking steps to enhance consumer and investor confidence by introducing a framework that requires Financial Planner (FP) and/or Financial Advisor (FA) title users to meet minimum education standards, ensure they are actively supervised and subject to a complaints – discipline process.
Today, FSRA is releasing two FP/FA-related guidances:
- the Application Guidance explains the application process for credentialing bodies who will be responsible for granting FP and/or FA credentials
- the Supervision Guidance outlines how FSRA will monitor and supervise the credentialing bodies
The guidance was finalized following multiple consultations with members of the public and industry representatives. FSRA thanks all stakeholders for taking the time to participate and provide valuable input.
In January 2022, FSRA submitted the Financial Professionals Title Protection Rule and the Amended FSRA Fee Rule to the Minister of Finance for approval. The final Application and Supervision Guidance will take effect upon Ministerial approval of the Rules and once the relevant legislation has been proclaimed into force.
FSRA is in discussions with organizations that have expressed interest in applying as a credentialing body. Those interested in applying should contact [email protected] and visit FSRA’s Financial Planners and Financial Advisors industry page for more information and a copy of the Credentialing Body and FP/FA Credential Application Form.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.