The Financial Services Regulatory Authority of Ontario (FSRA) is sharing the latest updates on the implementation of the Financial Professionals Title Protection Framework.
2023/24 Financial Planners and Financial Advisors Supervision Plan
FSRA will release our first Financial Planners and Financial Advisors Supervision Plan in summer 2023. The plan sets out key areas of supervision for approved credentialing bodies. Through supervision and examination, FSRA will ensure the effective implementation of the Financial Professionals Title Protection Framework in Ontario, higher industry standards, and consistency among credentialing bodies.
Enforcement deadline extended for non-compliant title users
FSRA acknowledges that users of the Financial Advisor and Financial Planner titles in Ontario require more time to find a path to comply with the Financial Professionals Title Protection Framework. We will continue to focus our resources on approving credentialing bodies and assisting them with the implementation of the title protection framework, which will now extend to December 31, 2023. Until that time, our enforcement activities with respect to non-compliant title users will continue to focus on responding to consumer complaints and protecting consumers from harm by requesting non-compliant title users to voluntarily cease title use within 30 days.
Evaluation of Ontario’s title protection framework
As stated in our 2023-2026 Annual Business Plan, FSRA has committed to conduct a review of the framework by the end of the fiscal year (March 31, 2024) to evaluate its effectiveness in achieving expected outcomes and assess opportunities for improvement, including consultation with key stakeholders, where applicable. The review will include an evaluation of credentialing body policies and processes, our oversight practices with respect to credentialing bodies, and minimum standards for title use.
