December 22, 2022 (Toronto, Ontario) – The Financial Services Regulatory Authority of Ontario (FSRA) is giving users of the Financial Advisor and Financial Planner titles in Ontario more time to find a path to comply with the Financial Professionals Title Protection Framework.
As previously announced, FSRA is focusing its resources on approving credentialing bodies and assisting them with the implementation of the title protection framework. ;Given our active discussions with approved credentialing bodies (CBs) about public transparency, and our discussions with other potential credentialing bodies, this focus on approval and implementation will continue until June 30, 2023. Until such time, FSRA’s enforcement activities with respect to non-compliant title users will focus on responding to consumer complaints and protecting consumers from harm by requesting non-compliant title users to voluntarily cease title use within 30 days.
FSRA will also continue to maintain a list of approved CBs on its website, to assist title users and consumers in identifying credentials that enable the use of the Financial Planner and Financial Advisor titles. Following discussions with FSRA’s Financial Advisor/Financial Planner Stakeholder Advisory Committee earlier this month, FSRA intends to publish a summary of CB approval terms and conditions and our plan for CB transparency on our website early in 2023.
FSRA continues to actively consider applications and will announce additional credentialing bodies and their designations as they become approved. We are also pleased to confirm that we are in discussions with the new Self Regulatory Organization (being formed by the combination of Investment Industry Regulatory Organization of Canada (IIROC) and The Mutual Fund Dealers Association of Canada (MFDA) effective January 1, 2023) and also the Ontario Securities Commission about the oversight framework should the new SRO apply to become a credentialing body.
To ensure ongoing consumer protection, FSRA will continue to monitor the market for any changes in title use and communicate additional information to the public as needed.
To find out more about FSRA’s Title Protection Framework, including a list of approved Credentialing Bodies, please visit: Financial Planners and Financial Advisors | Financial Services Regulatory Authority of Ontario (fsrao.ca)
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for Ontarians.
For media inquiries, please contact:
Senior Media Relations and Digital Officer
Financial Services Regulatory Authority of Ontario
Email: [email protected]