Provincial government passes act that legally limits who can use ‘financial planner’ and ‘financial advisor’ titles
The government of Saskatchewan has passed The Financial Planners and Financial Advisors Act, which places legal restrictions on who can call themselves a “financial planner” or “financial advisor” in the province.
The act, first introduced in December of 2019, empowers the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) to regulate and enforce the titles. They will begin by developing definitions of the two titles as well as setting standards to assess credentialing bodies. The provincial government has indicated that it intends to consult with industry to develop the regulations.
The move has been praised by both FP Canada and Advocis.
"Saskatchewanians need professional financial planning advice now more than ever, as many are dealing with new financial challenges," said Cary List, President and CEO of FP Canada. "This legislation will benefit consumers by providing them with the clarity and protection they need as they seek professional advice to help them rebuild financial confidence."
List, along with Advocis president and CEO Greg Pollock, stressed the need for these regulations in the wake of the COVID-19 pandemic which has caused significant economic challenges for many Canadians.
Saskatchewan has also indicated it will ensure consistency with Ontario’s recently passed Financial Professionals Title Protection Act. FP Canada and Avocis leaders say this effort is “an important step towards national harmonization.”
"The restriction of key titles to individuals with qualifying credentials will go a long way in elevating the trust and stature of financial advisors and planners as true professionals," said Greg Pollock. "More importantly, it ensures that individuals, families and businesses in Saskatchewan can be confident in whom they choose to trust to provide them with financial advice during these uncertain times, as not just anyone will be permitted to use these titles."