FSRA proposes to strengthen consumer protection through its new Financial Professionals Title Protection Rule and Fees

Monday, 17 January 2022 10:11.AM

The Financial Services Regulatory Authority of Ontario (FSRA) is continuing to work with the government of Ontario to strengthen consumer protection in the financial services sector.

At present, there are no provincial standards or requirements for individuals who use the titles Financial Advisor (FA) or Financial Planner (FP). If approved, the Financial Professionals Title Protection (FPTP) Rule will set minimum education, examination, conduct, and oversight standards for use of the FA and FP titles in Ontario.

The Rule will provide consumers / investors with added confidence when dealing with FA and FP title users who will be subject to minimum credentialing criteria and appropriate supervision by an approved credentialing body (CB).

By leveraging existing licensing and designation-granting entities as credentialing bodies, FSRA's proposed Rule implements Ontario's Financial Professionals Title Protection Act, 2019 with minimum regulatory burden and cost, while significantly strengthening consumer protection.

On January 10, 2022, FSRA submitted the FPTP Rule and the Amended FSRA Fee Rule to the Minister of Finance for final approval. The Rules will take effect upon Ministerial approval and once the relevant legislation has been proclaimed into force.

SOURCE: Financial Services Regulatory Authority of Ontario