TORONTO, April 28, 2017: Yesterday, Ontario Minister of Finance Charles Sousa released the 2017 Ontario Budget: A Stronger, Healthier Ontario. Included in the budget was the Ontario Government’s commitment to acting on the Final Report (“the Report”) of the Ontario Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives, who released their final recommendations this past March.
Of significant note, the Ontario Government reiterated its commitment to work over the coming year with regulators in the creation of enforceable standards that will ensure all those who use the title or hold themselves out as a “Financial Planner” are qualified, ethical, overseen and accountable for their professional conduct. Today, throughout Canada (apart from the province of Quebec), there are no restrictions or standards that determine who can call themselves a “Financial Planner,” creating undue confusion and risk to the Canadian public.
“FPSC, along with our Financial Planning Coalition partners, has long advocated for title restriction on who may call themselves a “Financial Planner.” These issues have been left unaddressed for far too long and we hope that as Ontario leads the way in this vital consumer protection issue, other provinces will take note and follow suit,” notes FPSC President and CEO Cary List.
In addition, the budget welcomed the Expert Committee’s support for introducing a universal best interest duty for all those who provide financial planning and financial advisory services. The government announced that it intends to examine the feasibility of introducing this standard in Ontario, ensuring that clients’ interests come before all others—a standard for all financial advisors that is similar to that long expected of the nearly 20,000 CERTIFIED FINANCIAL PLANNER® professionals and FPSC Level 1® Certificants in Financial Planning in Canada (9,000 of whom serve Ontarians).
“Once implemented, these policy changes will help Ontarians to make more informed choices regarding whom they work with to help guide them to financial well-being. We are very pleased by this announcement,” adds 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 that further the best interests of consumers.
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:
Allison Riva, Director, Marketing & Communications
416.593.8587 ext. 228