The Financial Planning Standards Council
(FPSC) is welcoming what it calls continued interest in the "need for tailored regulation of financial planners," following release of the Ontario budget Thursday.
“FPSC is encouraged by the government’s intention to move forward in investigating the need for tailored regulation of financial planners,” says Cary List, FPSC President & CEO. “We look forward to offering our continued leadership and expertise on this subject in order to safeguard and enhance the financial well-being of all Ontarians.”
The government has committed to setting up an expert committee that will further study the merits of tailored regulation of financial planners and provide the government with options if regulation is required.
The budget announcement comes following the Ontario Ministry of Finance initiative to investigate the merits of proceeding with more tailored regulation of financial planners, outlined in the 2013 Fall Economic Statement.
FPSC and its partners in the Coalition for Professional Standards for Financial Planners
have submitted a proposed framework
for the official recognition and oversight of the financial planning profession.
It's based on standards already in place and accepted by more than 22,000 financial planners across Canada, more than 9,000 of whom practice in Ontario.
“Today’s consumers are in the most precarious financial position we have experienced in decades,” List says. “Yet in most Canadian provinces including Ontario, there are no legislated competency or qualification requirements regarding who may call themselves financial planners or offer financial planning services.”