FRSA FINANCIAL PLANNERS/FINANCIAL ADVISORS-RELATED GUIDANCE
On Monday February 28, 2022, the Financial Services Regulatory Authority of Ontario (FSRA) released two guidance documents on the use of regulated titles, Financial Planners (FP) and Financial Advisors (FA). The guidance sets out how FSRA will administer the Financial Professionals Title Protection Rule (FPTP Rule), which is currently before the Ontario Minister of Finance for approval.
If approved, the FPTP Rule will require all individuals who want to use the FP/FA titles to be approved by a Credentialing Body (CB).
The IIAC has confirmed that the FPTP Rule does not provide an exemption to allow IIROC, MFDA and CSA registrants to continue to use the FP/FA titles, despite the comprehensive regulatory regimes of these securities regulators. Once the FPTP Rule comes into force, registrants will be required to apply to and receive approval from a CB before they can use the FP/FA or substantially similar titles.
The IIAC is continuing its advocacy efforts with the Ontario Ministry of Finance, FSRA, and the securities regulators on the FSRA titling proposal.
For more information contact Tim Currie.