The Ontario government may step in to regulate the provision of financial planning and advice.In the Economic Outlook and Fiscal Review presented to the Ontario legislative assembly on November 17, the province’s minister of finance Charles Sousa indicated that the government has decided to create an expert committee to consider how best to regulate financial planning services.
“Individuals are increasingly responsible for their own income security and require sound and professional financial advice and planning services,” said Sousa. “To help consumers make informed choices and investments, the government is moving forward with the appointment of an expert committee to thoroughly consider more tailored regulation of financial advisers, including financial planners.”
The committee will be composed of independent members and will consider the matter over the coming months. According to the fiscal review document, the committee’s mandate will include “an analysis of relevant issues surrounding the profession, such as the sufficiency of regulatory frameworks; proficiency and education requirements; the use of multiple titles; consumer access to information and complaint registration; and potential conflicts of interest.”
The committee is expected to provide its key recommendations and submit a final report to the minister of finance by early 2016.