Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives to deliver final report in 2016
TORONTO, Nov. 26, 2015 /CNW/ – Financial Planning Standards Council (FPSC) welcomes the Ontario government’s continued commitment to a strong, trusted financial services industry in today’s 2015 Fall Economic Statement.
The statement follows the government’s April 2015 appointment of an expert committee to review the regulatory framework relating to financial advisory and financial planning services. The expert committee is expected to provide key recommendations and submit its final report to the government for review in 2016.
“FPSC is encouraged by the Ontario government’s leadership on this critical consumer protection issue,” says Cary List, FPSC President and CEO. “The current lack of clarity as to who is permitted to hold themselves out as a financial planner leaves consumers vulnernable and confused.”
Currently in Ontario, no general legal framework exists to regulate the activities of individuals who offer financial planning, advice and services.
“Today’s consumers are in the most precarious financial position we have experienced in decades, yet outside of Quebec, there are no legislated competence or qualification requirements in Canada regarding who may call themselves financial planners or offer financial planning services,” says List.
“Ontarians are at risk of receiving the wrong advice from the wrong people—or of getting no help or advice at all—because they don’t understand what help they really need and don’t know where to turn to get it.”
In September 2015, FPSC made a formal submission to Ontario’s expert committee, recommending an elegant solution to address consumer protection and confusion, while ensuring that additional costs to the system are minimized.
“We look forward to the expert committee’s interim report,” says List, “and to offering our leadership and expertise on this important subject in order to safeguard and enhance the financial well-being of all Ontarians.”
About Financial Planning Standards Council
As a standards-setting and certification body working in the public interest, FPSC’s purpose is to instill confidence in the financial planning profession. FPSC ensures those it certifies (CERTIFIED FINANCIAL PLANNER® professionals and FPSC Level 1® Certificants in Financial Planning) meet appropriate standards of competence and professionalism through rigorous requirements of education, examination, experience and ethics. More information is available at www.fpsc.ca.
CFP®, Certified Financial Planner® and the CFP mark with flame design are certification trademarks owned outside the U.S. by Financial Planning Standards Board Ltd. (FPSB). Financial Planning Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB. All other ® are registered trademarks of FPSC, unless indicated. © 2015 Financial Planning Standards Council. All rights reserved.