FP Canada™ Applauds Clarity for Consumers as Financial Planner Title Protection Moves Forward in Ontario
FP Canada is applying to be a FSRA-approved credentialing body to grant and oversee Financial Planner title use
TORONTO, March 23, 2022 /CNW/ - FP Canada applauds the Ontario Minister of Finance for protecting consumers by moving forward with Financial Planner title protection. Today, the Honourable Peter Bethlenfalvy, Minister of Finance, approved the Financial Services Regulatory Authority of Ontario's (FSRA) Financial Professionals Title Protection Rule. The Rules, and related guidance, will come into effect once the Financial Professionals Title Protection Act, 2019 has been proclaimed into force on March 28, 2022.
This legislation creates minimum standards for individuals using the Financial Planner and Financial Advisor titles, so that consumers can have confidence that the individual they are dealing with has a minimum standard of education, is subject to stringent ethical requirements, is being actively supervised by an approved credentialing body and s subject to a rigorous complaints and discipline process. Regulating the use of the Financial Planner title benefits consumers by providing them with the clarity and confidence they need when seeking professional financial planning advice to help them achieve financial wellness.
Under the legislation, individuals using the Financial Planner title will need to hold an approved credential from a FSRA-approved credentialing body. FP Canada is applying to become a FSRA-approved credentialing body and is submitting both Certified Financial Planner® certification and Qualified Associate Financial Planner™ certification for use of the Financial Planner title in Ontario.
"This is a significant and meaningful step forward for consumer protection in Ontario," said Tashia Batstone, President and CEO of FP Canada. "Canadians who work with CFP® professionals and QAFP™ professionals have the confidence of knowing their financial planners have demonstrated the knowledge, skills, experience and ethics to provide the holistic financial planning advice they need. At FP Canada, we strongly believe that all Canadians deserve to have this level of confidence when working with a financial planner. We commend the Ontario government for providing Ontario consumers with the clarity they need when seeking financial advice."
As a professional body working in the public interest, FP Canada has long advocated for policymakers to restrict use of the title Financial Planner to individuals holding appropriate certification as a financial planner from a recognized professional body. FP Canada will continue to work with all provinces to follow Ontario's leadership in establishing similar legislated restrictions regarding the use of the title Financial Planner.
About FP Canada
A national certification and professional oversight body working in the public interest, FP Canada is dedicated to championing better financial wellness for all Canadians by leading the advancement of professional financial planning in Canada. There are about 17,000 Certified Financial Planner® professionals and about 1,900 Qualified Associate Financial Planner™ professionals (as at December 31, 2021), who meet FP Canada's rigorous professional and ethical standards. Visit the FP Canada website for more information.
SOURCE FP Canada