Heads of the country’s largest financial advisor groups say they are eager to help the Ontario government develop legislation to regulate financial planners in the province and cut through consumer confusion over the various financial planning titles.
In a statement delivered by the Ministry of Finance in the province’s fall Economic Statement, the government says development of the legislation is needed to ensure consumers have access to high-quality financial planning services.
Restricted use of titles related to financial planning
Under the proposed framework, financial planners would be required to meet specified proficiency requirements and the use of titles related to financial planning would be restricted to reduce confusion.
Cary List, president and CEO of the Financial Planning Standards Council (FPSC), said his organization has “long advocated for regulatory standards to ensure anyone who calls themselves a ‘Financial Planner’ is qualified, ethical, overseen and accountable for their professional conduct.”
The IFB supports the plans
The Independent Financial Brokers of Canada (IFB) also supports the province’s plans. IFB executive director Nancy Allan said she is looking forward to working with regulators to develop an effective framework. “Ensuring that independent advice remains a viable choice for consumers is our mandate,” said Allan.
Greg Pollock, president and CEO of Advocis, is likewise eager to help the Ontario government create the legislated standards in Ontario.
“Advocis continues to take this concept a step further by promoting increased professional standards for all financial advisors. We look forward to working with Ontario through the consultation phase,” Pollock said in a statement.
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