The Canadian Institute of Financial Planning (CIFP) has been approved as the fourth credentialing body to grant and oversee the titles of Financial Planner and Financial Advisor in Ontario.
The Financial Services Regulatory Authority of Ontario (FSRA) says the CIFP designation of Registered Retirement Consultant (RRC) is a permitted Financial Planner title. As well, a Registered Financial and Retirement Advisor designation will be permitted titles for Financial Advisor. In addition, Registered Retirement Analyst (RRA) is an approved credential with the permitted title of Financial Advisor.
CIFP meets FSRA’s application criteria
"The Canadian Institute of Financial Planning has met all of FSRA's application criteria," said Huston Loke, Executive Vice President, Market Conduct at FSRA. "For over 45 years, it has provided programs to meet certification and education requirements for those practicing in the financial services sector. More than 13,000 securities and insurance professionals across Canada, including 5,000 in Ontario, already make use of their training and continuing education materials.
"By leveraging these existing licensing and professional designation bodies, we believe Financial Planner and Financial Advisor title protection in Ontario will significantly strengthen consumer protection while making it easier for financial services professionals to earn their credentials."
CIFP named as credentialing body by FSRA
Keith Costello, President and CEO of CIFP, said his organization is pleased to be approved as a credentialing body by FSRA under the Financial Professionals Title Protection Framework.
“With the addition of our three approved credentials, Ontario financial consumers now have a wide selection of choices to get the targeted and holistic financial advice that they require. We will continue to ensure that our credential holders provide their expertise in the best interest of their clients.”
Now four credentialing bodies in Ontario
CIFP now joins FP Canada, the Institute for Advanced Financial Education (a subsidiary of Advocis) as well as the Canadian Securities Institute as credentialing bodies.
The title protection in Ontario is meant to help promote consistency and professionalism among those using the advisor title and give consumers confidence that the person they are dealing with has a certain standard of education as well as being actively supervised by an approved credentialing body.