TORONTO, ON – April 18, 2018 – Financial Planning Standards Council (FPSC) has responded to the Ontario government’s Consultation Paper on the Regulation of Financial Planners (the Consultation Paper).
In its submission, FPSC welcomes the government’s proposal to restrict use of the title “Financial Planner” to only individuals who hold a recognized financial planning credential. To ensure Ontarians are best served and appropriately protected, FPSC is calling for a regulatory framework that goes beyond simply prescribing standards for credentials, to one that explicitly includes standards that the issuing credentialing body must meet before its credential(s) can be recognized.
Specifically, to ensure the integrity and efficacy of the proposed standards, FPSC recommends that any credentialing body seeking recognition of its credential(s) should have to first demonstrate its own ability to meet standards that are in the public interest. At a minimum, this should include consideration of the credentialing body’s mandate and governance structure; its expertise in credentialing, examinations, standard-setting and certification; its resources and infrastructure; and its oversight and discipline process.
“With FPSC’s recommended enhancements to the proposals outlined in the Consultation Paper, restriction of the use of the title Financial Planner will go a long way toward creating clarity for Ontarians and allow them to make informed choices about whom they seek in a financial professional who can help them achieve financial health,” says FPSC President & CEO Cary List.
FPSC has also identified enhancements to the government’s proposed standards for the credentials themselves to make them clearer, more robust and more reflective of consumers’ expectations and needs.
With respect to the regulation of additional titles, FPSC supports the government’s proposal to restrict those titles that are similar to “Financial Planner” and may mislead consumers into believing an individual is qualified, competent and accountable as a “Financial Planner”. In the interest of mitigating the significant consumer confusion that exists around titles today, FPSC encourages the government to go further in establishing standards for what constitutes an appropriate title.
“FPSC looks forward to providing further counsel as the government finalizes and implements this framework,” says List.
FPSC’s response to the Consultation Paper can be found here.
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, and to arrange an interview with Mr. List, please contact:
Director, Marketing & Communications
Financial Planning Standards Council firstname.lastname@example.org
(416) 593-8587, ext. 228 or 1-800-305-9886