Ontario to regulate use of financial advisor, planner titles: regulator


TORONTO — The Financial Services Regulatory Authority of Ontario says anyone using the financial planner or advisor title will soon be overseen by a credentialing body and subject to a complaints and discipline process.

The regulator says those using the financial planner or advisor title will also need to have a minimum standard of education and abide by a code of conduct.

The new standards will come into effect on March 28, but be phased in over time for some financial professionals.

The FSRA will give financial planners and advisors who were using the title before Jan. 1, 2020, time to comply. Financial planners using the title before then will have a four-year transition period, while advisors who were using the title will have two years to comply with the new standards.

Anyone who began using those titles after that date must immediately get credentials from one of the FSRA-approved credentialing bodies that will be named in the coming weeks.

The increased oversight comes after consumers long raised concerns about a lack of oversight in the industry and the need to ensure those using the advisor and planner titles had appropriate expertise.



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