Certification and professional oversight organization, FP Canada says the new Financial Advisors and Financial Planners Title Protection Act in New Brunswick will increase clarity and protection for consumers seeking financial advice in the province, after the government there announced the development of the new legislation.
“Today, FP Canada applauded the government of New Brunswick for moving forward with financial planner and financial advisor title protection legislation that improves clarity and protection for consumers seeking help in New Brunswick,” they write in a statement about the government’s announcement on June 16.
“With the passage of the Financial Advisors and Financial Planners Title Protection Act, the government of New Brunswick is creating minimum standards for individuals using the titles financial planner and financial advisor, so that consumers can have confidence that the individuals they are dealing with are appropriately qualified, meet ethical standards, and are overseen and accountable for their professional conduct.”
The act restricts the use of those titles in the province to individuals holding an approved credential from a credentialling body approved of by the Financial and Consumer Services Commission of New Brunswick (FCNB), the province’s financial and consumer services regulator.
There are approximately 300 Certified Financial Planner (CFP) and Qualified Associate Financial Planner (QAFP) credential holders in the province. FP Canada is expected to apply for approval as a credentialing body in the province under the new legislation and framework.
“The act is consistent with similar title protection legislation passed in Ontario and Saskatchewan in recent years, and makes New Brunswick the fourth province, also including Quebec, to regulate the use of the financial planner title,” the statement adds.
“FP Canada also commends the FCNB on the broad engagement and consultation that was taken to support the development of the Act.” Going forward, the association says it looks forward to the development of supporting rules, regulations and framework implementation details.