TORONTO, May 11, 2021 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is continuing its work to strengthen consumer protection in the financial services sectors.
As a result of feedback received following the first public consultation on the Financial Professionals Title Protection Rule and Application Guidance, FSRA is proposing the following changes:
- Shortening the transition period for current title users.
- Requiring approved credentialing bodies to provide FSRA with information needed to maintain a public registry.
- Clarifying the application process for the approval of credentialing bodies and financial planner and financial advisor credentials.
FSRA is also proposing a Supervision Guidance that presents FSRA's approach to monitoring and enforcement under the proposed title protection framework.
Once implemented, the framework will protect titles for financial planners and financial advisors in Ontario and set minimum education standards for use of these titles. It aims to promote professionalism in their services and consumer confidence when dealing with these trained professionals.
FSRA is consulting on the revised Financial Professionals Title Protection Rule, the revised Application Guidance, and the newly proposed Supervision Guidance. The consultation will close on June 21, 2021.
The Notice and Request for Further Comment (Appendix D) includes information on the proposed fee structure for the title protection framework. FSRA will develop a fee rule and issue it for public consultation in the coming months.
Learn more:
- Open Consultation on the Financial Professionals Title Protection Framework (closing June 21, 2021)
- Summary of Changes to the Application Guidance
- Previous Consultation on the Financial Professionals Title Protection Framework (now closed)
- Consultation Summary Report
The Financial Services Regulatory Authority of Ontario (FSRA) is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at www.fsrao.ca.
SOURCE Financial Services Regulatory Authority of Ontario
For Media Inquiries: Vicki Lam, Senior Advisor, Communications, Financial Services Regulatory Authority of Ontario, C: 437-771-9126, Email: [email protected].
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