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Alerts & Updates

Financial Planning Standards Council Welcomes Ontario Government’s Commitment to Ensure Consumer Confidence in Financial Planners

TORONTO, ON – November 15, 2018 – Financial Planning Standards Council (FPSC) is pleased to see the Ontario government’s commitment to ensure consumer confidence in financial planners in today’s 2018 Fall Economic Statement.

Earlier today, Ontario Minister of Finance Vic Fedeli tabled the Fall Economic Statement, which includes a commitment to review measures to ensure that families can be confident in their choice of financial planner or advisor, knowing they are dealing with someone who has received appropriate training and is subject to regulatory oversight. The Statement notes that currently, there is no consistent regulatory oversight of financial planners and advisors. As a result, families risk receiving financial planning and advisory services from individuals who may not be appropriately qualified to help them save for the future.

“FPSC has long advocated for regulatory standards to ensure anyone who calls themselves a ‘financial planner’ has demonstrated that they meet stringent proficiency and ethics requirements, and is accountable for their professional conduct. We are encouraged that the Ontario government is taking steps to address this important issue, to allow consumers to be confident in their choice of financial planner,” says FPSC President and CEO Cary List. “We look forward to working with the Ontario government and other stakeholders on this initiative.”

With the exception of Quebec, there is no restriction in Canada on who can call themselves financial planners. There are approximately 9,000 Certified Financial Planner® professionals in the province of Ontario who have met and continue to meet appropriate standards of competence and professionalism through rigorous requirements of education, examination, experience and ethics.

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. There are more than 18,500 Financial Planners in Canada who have met, and continue to meet, FPSC’s standards. More information is available at FPSC.ca and FinancialPlanningForCanadians.ca.

About CFP Certification

Certified Financial Planner® certification is the most widely recognized financial planning designation in Canada and throughout the world and is considered the standard for the profession. CFP® professionals have demonstrated the knowledge, skills, experience and ethics to examine their clients’ entire financial picture, at the highest level of complexity required of the profession, and work with their clients to build a financial plan so that they can Live Life Confidently™. CFP professionals in Canada are certified by FPSC. There are approximately 16,500 CFP professionals across Canada, part of an international network of more than 175,000 in 26 territories around the world.

For more information, please contact:

Megan Harman
Financial Planning Standards Council
mharman@fpsc.ca 
416.593.8587, ext. 232 or 1.800.305.9886