The Financial Services Regulatory Authority of Ontario (FSRA) announced Dec. 22 that it 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 it continues implementation of the framework restricting the use of those titles to those who’ve completed sufficient education to obtain a credential, FSRA says it is focusing resources currently on approving credentialling bodies – a process it says will continue until the end of June 2023. “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,” they write.
More, the regulator says it continues to actively consider applications and will announce additional credentialling bodies and their designations as they become approved. It says it is currently in discussions with the country’s new self-regulatory organization (SRO) which is in the process of being formed by merging the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA). That merger is expected to be effective January 1, 2023. Work with the new SRO and the Ontario Securities Commission (OSC) is also underway related to the development of oversight framework should the new SRO apply to become a credentialling body, as well.
Finally, they say following discussions with FSRA advisory committees, it intends to publish a summary of credentialing body approval terms and conditions on its website in early 2023.
