The Financial Services Regulatory Authority of Ontario (FSRA) announced April 11 that it has approved FP Canada and the Institute for Advanced Financial Education (IAFE), a subsidiary of Advocis, as the first two credentialing bodies for Financial Planner and Financial Advisor title use in Ontario.
The Financial Professionals Title Protection Act, 2019, came into force on March 28, 2022. The legislation creates minimum standards for individuals using the Financial Planner and Financial Advisor titles. The two approved credentialing bodies have the authority to grant FSRA-approved credentials that permit individuals to use these titles. The credentialing bodies are responsible for overseeing and enforcing the conduct of their Financial Planner or Financial Advisor credential holders.
"Officially being able to use the Financial Planner or Financial Advisor title will make it easier for these individuals to communicate their value to consumers and validate their education and expertise," said Huston Loke, Executive Vice President, Market Conduct at FSRA in a statement. "Consumers will also have confidence that the individual they are dealing with has a minimum standard of education, is being actively supervised and is subject to a complaints and discipline process."
"We are pleased that our subsidiary – the Institute for Advanced Financial Education – has been approved as a credentialing body and look forward to playing an active role in raising the professional bar in Ontario," said Greg Pollock, President & CEO of Advocis, The Financial Advisors Association of Canada. "We'd also like to thank the Government of Ontario and the Financial Services Regulatory Authority of Ontario for recognizing the importance of title protection and taking the necessary first steps in better protecting consumers. We hope to see other provinces follow their lead."
In a separate statement, FP Canada explained that its Certified Financial Planner certification and Qualified Associate Financial Planner certification, which are granted and overseen by FP Canada, have both been approved by FSRA for use of the Financial Planner title in Ontario.
"This approval from FSRA formally recognizes the high professional standards that CFP professionals and QAFP professionals have met, and which FP Canada diligently enforces to protect consumers," said Tashia Batstone, President and CEO of FP Canada. "All Canadians deserve to have clarity and confidence in the qualifications of the financial professionals they work with. We encourage all provinces to follow Ontario's leadership in establishing legislated restrictions on the use of the title Financial Planner."
FSRA says it welcomes other existing professional/designation bodies to apply as credentialing bodies.
