In its 2018 budget, delivered March 28, the Ontario government reaffirmed its intention of restricting the use of the title of “Financial Planner”. The Financial Planning Standards Council (FPSC) says it welcomes this progress.
The budget reaffirms the Ontario government’s intention to move forward with a stronger regulatory framework for Financial Planners, including restricting use of the title ‘Financial Planner’ to individuals holding a recognized financial planning credential, prohibiting the use of titles similar to ‘Financial Planner’ that may confuse or mislead consumers, and creating a central, publicly accessible database of ‘Financial Planners’.
Better informed choices
“FPSC is pleased by the Ontario government’s continued commitment to restriction of the title ‘Financial Planner’,” says FPSC President and CEO Cary List. “FPSC will continue to advocate for a framework that ensures Ontarians know how to distinguish between professional Financial Planners and other types of advisors, and will know where to go to seek Financial Planners who are qualified, ethical and accountable for the services they provide. The proposed framework has the potential to create such clarity and to enable Ontarians to make better informed choices in seeking advice to help them live life with confidence.”
The budget follows the Ministry of Finance’s release of a new consultation paper earlier this month, which seeks stakeholder input on the proposed regulatory framework.
The FPSC adds that while it is pleased the government remains committed to addressing the Financial Planner title issue, it underlined that “much work remains to be done. FPSC looks forward to continuing to provide its counsel to the government to create a stronger regulatory framework in the best interest of consumers.”