Protection of the title of financial planner and financial adviser

Toronto, Ontario, March 23, 2022 (GLOBE NEWSWIRE) — Advocis, the Association of Financial Advisors of Canada, commends the Minister of Finance for approving FSRA’s Financial Professionals Title Protection Rule. The related rules and guidelines will come into effect once the related legislation is proclaimed in force on March 28, 2022.

This initiative creates minimum standards for people using the titles of financial planner and financial adviser, so that consumers can be sure that the person they are dealing with has a minimum level of education, is actively supervised by a accredited accreditation and is subject to a complaints and discipline process. It will also provide consumers with greater clarity by minimizing confusion around the wide range of titles and credentials used in the financial services marketplace.

Individuals using the title of Financial Planner or Financial Advisor will be required to hold a credential approved by an FSRA-approved credentialing body. Advocis applied to become an FSRA Approved Credentialing Body and submitted the Professional Financial Advisor (PFA) designation for use of the Financial Advisor and Financial Planner designation, and the Chartered Life Underwriter designation (CLU) for the use of the title of financial planner in Ontario. .

“This is a significant step forward in raising the professional bar for our members and clients. Not only will this help build consumer confidence in choosing who to partner with, but it will also help promote consistency and professionalism among those who use the titles,” said Greg Pollock, President and CEO. of Advocis.

FSRA’s approach to protecting the title of financial planner and financial advisor builds on existing requirements already administered by professional licensing and designation bodies, mitigating duplication of regulatory requirements on users of individual titles. This initiative will also be phased in over time. FSRA’s transition periods – four years for financial planners and two years for financial advisors – give people who used these titles before and on January 1, 2020 ample time to comply with the framework after its implementation. This chart can help financial planners and financial advisors determine if the transition period applies to them.

For more information on the implementation of financial planner and financial advisor title protection in Ontario, including FSRA’s Financial Professionals Title Protection Rule and related guidance, transition and titles covered, visit FSRA’s industry page.

About Advocis
Advocis, the Financial Advisors Association of Canada, is the largest voluntary professional association for financial advisors in Canada, representing more than 17,000 client members and 40 chapters across the country. Advocis has a code of ethics, continuing education requirements, best practices and a disciplinary process.

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