TORONTO, March 31, 2017: Financial Planning Standards Council (FPSC) welcomes Ontario Minister of Finance Charles Sousa’s comments this morning concerning the Final Report (“the Report”) of the Ontario Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives.
“Financial planners play a critical role in the financial health of consumers. We appreciate that Minister Sousa has embraced the Report’s policy recommendation that will help Canadians make more informed choices about their financial health with trusted experts who will put their client’s best interests first,” says FPSC President and CEO Cary List.
FPSC has long advocated for regulatory standards to ensure all those who use the title or hold themselves out as “financial planners” are qualified, ethical, overseen by and accountable to an appropriate professional body for their professional conduct. FPSC was pleased that the Expert Committee’s Report explicitly recommends that the title “Financial Planner” be restricted, and that only those who are professionally certified be permitted to use the title.
“Canadian consumers will benefit if they have the knowledge and certainty that the people who hold themselves them out as financial planners have recognized qualifications, direct accountability to a governing body for professional conduct, and ethical grounding to put their clients’ interests first,” says Mr. List.
FPSC looks forward to lending its expertise to the government in the months ahead as they work to implement policies that are in keeping with the Report’s principles and recommendations, and are in the best interests of consumers.
“Minister Sousa’s timely comments on the Report demonstrate that the government is taking the Report seriously and we hope will ultimately carry the Report’s recommendations from the page into law,” says Mr. List.
About Financial Planning Standards Council
As a professional standards-setting and certification body working in the public interest, FPSC’s purpose is to drive value and instill confidence in financial planning. 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. With FPSC’s formal partnership with the Institut québécois de planification financière (IQPF), which is the only organization authorized to certify Financial Planners in Québec, there are more than 23,500 financial planners in Canada who have met, and continue to meet, FPSC’s standards. More information is available at fpsc.ca.
For more information, please contact:
Caroline Horcher, Manager, Public Affairs
416.593.8587, ext. 232