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Title Protection of Financial Planners and Financial Advisors Moving Forward in Ontario, Minister of Finance Approves Regulations of Canadian Business Journal

Toronto, Ontario, March 23, 2022 (GLOBE NEWSWIRE) — Advosis of the Canadian Financial Advisory Board praises the Minister of Finance for approving the FSRA’s Financial Experts’ Ownership Protection Regulations. The rules and related guidance will come into effect when the relevant law is declared to take effect on March 28, 2022.

This initiative sets the minimum standards for individuals to use the titles of financial planner and financial adviser. This allows consumers to be actively supervised by an accredited accreditation body with a minimum of education for the individual they are trading with, a complaint and disciplinary process. It also provides consumers with clearer information by minimizing confusion about the various titles and credentials used in the financial services market.

Individuals who use the title of financial planner or financial adviser must hold credentials approved by an FSRA-approved credential body. Advocis applies to become an FSRA-approved credential body and is a professional financial adviser (PFA) credential for using the titles of financial adviser and financial planner, and a charter for using the title of financial planner in Ontario. I have submitted the credentials of Dlife Underwriter (CLU). ..

“This is an important step in raising the professional standards of our members and clients. It not only builds consumer confidence in choosing a partner, but also the consistency and professionalism between individuals who use the title. It also helps raise awareness, “said Greg Pollock, President and CEO of Advocis.

FSRA’s approach to title protection for financial planners and financial advisors leverages existing requirements already managed by licensing and professional designated bodies to reduce duplication of regulatory requirements for individual title users. This initiative will also be phased in over time. The FSRA transition period (4 years for financial planners, 2 years for financial advisors) is post-implementation for individuals who used these titles before and on January 1, 2020. It provides enough time to comply with the framework. This chart helps financial planners and financial advisors determine if a transition period applies.

For more information on implementing FSRA’s Financial Planner and Financial Advisor title protection in Ontario, including the FSRA’s Financial Professionals Title Protection Rule and related guidance, transition periods, and eligible titles, please visit the FSRA industry page.

About Advocis
Advocis, Canada’s Association of Financial Advisors, is Canada’s largest voluntary professional member association of financial advisors, representing more than 17,000 member clients and 40 branches nationwide. Advocis has a professional code of conduct, continuing education requirements, best practices, and disciplinary action.


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Title Protection of Financial Planners and Financial Advisors Moving Forward in Ontario, Minister of Finance Approves Regulations of Canadian Business Journal

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