Following consultations held in recent months by the Financial and Consumer Affairs Authority of Saskatchewan (FCAA), the province’s Minister of Justice and Attorney General, Don Morgan introduced The Financial Planners and Financial Advisors Act this week.

This legislation would restrict the use of financial planner and financial advisors titles to individuals who obtain and maintain in good standing, an approved credential from an approved credentialing body.

Financial planning association praises the legislation

FP Canada released a statement shortly afterwards, applauding the development. “For too long, Canadians looking for professional planning and advice have been forced to navigate a confusing myriad of qualifications, licenses and professional obligations of those calling themselves financial advisors or financial planners,” says FP Canada’s president and CEO, Cary List. “This legislation will provide the clarity that consumers deserve, enabling them to make better informed choices when seeking financial planning advice.”

In its statement, FP Canada says there is currently no legislated standard in place in Saskatchewan, meaning individuals may use these titles without having demonstrated that they have any relevant expertise or qualifications. “To qualify for certification, these individuals should be required to demonstrate that they meet appropriate proficiency requirements and should be accountable to a professional body for their ongoing conduct.”