The Ontario government has released its initial consultation document on the regulation of financial advisory and planning services.

The expert committee struck by Ontario Minister of Finance Charles Souza earlier this year is now inviting comments from the public and other interested parties on how and if financial planning should be regulated in the province.

The consultation document was published on July 2 and asks a number of questions about how far the activities of those who offer financial planning advice should be regulated. For example, those submitting comments are encouraged to consider whether there should be restrictions placed on the use of certain titles and designations. At the moment, only Quebec has comprehensive legislation governing who may hold themselves out to the public as a "financial planner".

Another question posed in the consultation document: Should consumers have access to a central registry of information about financial planners that includes their complaint or discipline history?

"We are constantly looking for ways to protect consumers and strengthen our financial services sector. While many financial services are regulated, financial advisory and financial planning activities are not subject to comprehensive regulatory oversight," notes Minister Sousa. "The work of the Expert Committee will ensure that regulatory oversight is being properly applied to this important sector and that Ontarians are protected."

The comment period ends on August 31.