Following the IIAC’s statement welcoming proposals by the Ontario government over the regulation of financial planners, another trade body has given its support.
The Financial Planning Standards Council says that restricting the use of the title “Financial Planner” to only those individuals holding a recognized financial planning credential is important for the protection of consumers.
It is also pleased that the Ontario government is proposing to restrict other titles that are similar to, or may be confused with, that of “Financial Planner.”
“With FPSC’s recommended enhancements to the proposals outlined in the Consultation Paper, restriction of the use of the title Financial Planner will go a long way toward creating clarity for Ontarians and allow them to make informed choices about whom they seek in a financial professional who can help them achieve financial health,” says FPSC President & CEO Cary List.
But, while it welcomes the proposals set out in the consultation paper, the FPSC wants a regulatory framework that explicitly sets out standards that must be met by those bodies issuing credentials.
That would mean that any body seeking recognition of its credentials should first prove that it meets standards that are in the public interest.
“At a minimum, this should include consideration of the credentialing body’s mandate and governance structure; its expertise in credentialing, examinations, standard-setting and certification; its resources and infrastructure; and its oversight and discipline process,” the FPSC’s statement says.
FPSC’s full response to the Consultation Paper can be viewed at fpsc.ca.
More market talk: