FSRA releases its first Financial Planners and Financial Advisors Supervision Plan
TORONTO, Aug. 10, 2023 /CNW/ - To further protect consumers, the Financial Services Regulatory Authority of Ontario (FSRA) is releasing its first Financial Planners and Financial Advisors Supervision Plan.
"When people invest their life savings or are planning for retirement, they need to know that their financial planner or financial advisor is putting their interests first," says Huston Loke, Executive Vice President, Market Conduct at FSRA. "I am confident that the supervision plan we are releasing today will lead to higher industry standards, enhanced consumer protection and increased confidence that financial professionals are helping their clients plan and achieve their financial goals."
The plan sets out four key areas of supervision for 2023/24 for approved credentialing bodies to help deter non-compliance and promote proper marketplace conduct.
Through supervision and examination FSRA will ensure the effective implementation of title protection in Ontario, higher industry standards and consistency among credentialing bodies.
The four key areas of supervision include how credentialing bodies are effectively:
- ensuring their credential holders are putting their client's interests first
- administering and maintaining their credentialing program
- ensuring their complaint-handling processes are fair, easily accessible and efficient
- making disciplinary processes transparent, consistent, and reasonable
As part of its regulatory activities, FSRA oversees approved credentialing bodies and monitors their compliance under the Financial Professionals Title Protection Framework.
2023-24 Financial Planners and Financial Advisors Supervision Plan
Financial Professionals Title Protection – Supervisory Framework Guidance
List of approved credentialing bodies and credentials
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.
Alex Kvaskov
Communications Officer
Financial Services Regulatory Authority (FSRA)
T: 437-522-9151
E: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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