TORONTO, ON – March 28, 2018 – Financial Planning Standards Council (FPSC) welcomes the Ontario government’s continued progress toward restriction of the title ‘Financial Planner’ with today’s 2018 Ontario Budget: A Plan for Care and Opportunity.
The Budget reaffirms the Ontario government’s intention to move forward with a stronger regulatory framework for ‘Financial Planners’ to help protect the long-term financial well-being of Ontarians. The government’s proposed framework includes restricting use of the title ‘Financial Planner’ to individuals holding a recognized financial planning credential, prohibiting the use of titles similar to ‘Financial Planner’ that may confuse or mislead consumers, and creating a central, publicly accessible database of ‘Financial Planners’.
“FPSC is pleased by the Ontario government’s continued commitment to restriction of the title ‘Financial Planner’,” says FPSC President and CEO Cary List. “FPSC will continue to advocate for a framework that ensures Ontarians know how to distinguish between professional Financial Planners and other types of advisors, and will know where to go to seek Financial Planners who are qualified, ethical and accountable for the services they provide. The proposed framework has the potential to create such clarity and to enable Ontarians to make better informed choices in seeking advice to help them live life with confidence.”
Today’s Budget follows the Ministry of Finance’s release of a new consultation paper earlier this month, seeking stakeholder input on the proposed regulatory framework. Each of the proposals stems from recommendations contained in the Final Report of the Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives.
While FPSC is pleased the government remains committed to addressing this important and longstanding consumer issue, much work remains to be done. FPSC looks forward to continuing to provide its counsel to the government to create a stronger regulatory framework in the best interest of consumers.
About Financial Planning Standards Council
A professional standards-setting and certification body working in the public interest, FPSC’s purpose is to drive value and instill confidence in financial planning. FPSC ensures those it certifies―CERTIFIED FINANCIAL PLANNER® professionals and FPSC Level 1® Certificants in Financial Planning―meet appropriate standards of competence and professionalism through rigorous requirements of education, examination, experience and ethics. With FPSC’s formal partnership with the Institut québécois de planification financière (IQPF), which is the only organization authorized to certify Financial Planners in Québec, there are more than 23,500 Financial Planners in Canada who have met, and continue to meet, FPSC’s standards. More information is available at FPSC.ca and FinancialPlanningForCanadians.ca.
For more information, please contact:
Manager, Public Affairs
Financial Planning Standards Council
(416) 593-8587, ext. 232 or 1-800-305-9886