Ontario to regulate use of financial advisor, planner titles
BNN Bloomberg
Ontario’s financial regulator will soon force anyone using the financial planner or advisor title in the province to be overseen by a credentialing body and subject to a complaints and discipline process.
Ontario’s financial regulator will soon force anyone using the financial planner or advisor title in the province to be overseen by a credentialing body and subject to a complaints and discipline process.
The Financial Services Regulatory Authority of Ontario said Wednesday the new regulations will also require those using the titles to meet a minimum standard of education and abide by a code of conduct
The higher standards and accountability mechanisms come after consumers have long raised concerns about a lack of oversight in the industry and the need to ensure those using the advisor and planner titles have the appropriate expertise.
The move is meant to bring consistency, clarity and transparency to the financial services industry, while helping investors ensure they are getting advice from trained professionals who will be held accountable for any missteps.
"That's a huge advantage for consumers right now, because it's very difficult for them to actually understand, except sometimes with 2020 hindsight, the quality of the services that they're receiving," FSRA chief executive Mark White said.
He acknowledged the new standards have been a longtime coming, but pointed out that they have been in progress for many years.
