SASKATCHEWAN CONSULTS ON NEW TITLE REGULATIONS
On July 20th, 2022 the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) published for 60-day comment period, The Financial Planners and Financial Advisors Act; Notice of Proposed Regulations and Request for Further Comment. The FCAA is asking for stakeholder feedback on possible changes to their proposed regulations resulting from the consultation conducted in 2021 and from similar regulations having been introduced in Ontario in March 2022.
Among the issues the FCAA is considering is an enhancement to the baseline competency profile (BCP) for Financial Advisors (FA). The BCP established for the first consultation (2021) was based on the criteria created by FSRA (Ontario), however, feedback from the FCAA’s first consultation indicated that the BCP for FAs should be increased from a product-focused approach to a comprehensive approach. A comprehensive approach would require FA credentialing courses in Saskatchewan to focus on a broader approach to the provision of financial advice whereby an FA would be recommending specific strategies as opposed to specific products. If the FCAA implements a comprehensive approach for FAs, the regulation would be dis-harmonized with FSRA’s model. Different credentialing bodies and different courses may be required for FAs in Ontario and Saskatchewan.
The IIAC is continuing our efforts to meet with regulators and provincial governments from across the country to advocate for harmonized regulation of professional titles, without duplication by multiple regulators. Financial Advisors and Financial Planners who are subject to comprehensive regulatory oversight by the CSA and the SROs should not be subject to additional title rules by a different regulator. This is unnecessary cost and administration with no additional investor protection and can result in investor confusion.
The IIAC will be submitting comments to the FCAA in response to this consultation. Comments are due September 20.
For additional information, contact Tim Currie.