Ontario was first province to pass legislation to protect investors from unqualified individuals from using those titles
Ontario’s financial regulator has unveiled the two organizations that will be authorized to approve the use of financial planner and financial adviser titles under the province’s new regime to help investors ensure they are dealing with qualified experts.
“Officially being able to use the financial planner or financial adviser title will make it easier for these individuals to communicate their value to consumers and validate their education and expertise,” Huston Loke, executive vice-president of market conduct at FSRA, said in a statement. About 100,000 financial advisers work across the country. But Canada has no legislated national standards for those who offer financial planning or advice. Outside Quebec, which has its own rules, anyone can call themselves a financial planner or adviser, regardless of certification, designation or educational background.
People who are already certified as CFPs and QAFPs will be allowed to use the title financial planner under the new regime. Greg Pollock, chief executive officer of Advocis, said he looks “forward to playing an active role in raising the professional bar in Ontario” and hope to see other provinces “follow their lead.”
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