Photo Credit: FSRA

🧑🔎 New Designation Approved for Financial Planner Title Use in Ontario

Monday, 01 April 2024 04:33.PM

- The move will offer consumers more choice when seeking financial advice -

Ontario's financial services regulator, FSRA, has approved The Canadian Institute Of Financial Planning's (CIFP) Chartered Financial Planner® designation as a credential for Financial Planner title use in Ontario.

"By approving another credential, we are providing individuals and families with more choice when seeking the assistance of a qualified financial professional," said Huston Loke, Executive Vice President, Market Conduct. "Consumers can also have confidence that the individual they are dealing with has a minimum standard of education, is being actively supervised by an approved credentialing body and is subject to a complaints and discipline process."

To-date, FSRA has approved five credentialing bodies and 14 credentials as part of its Title Protection Framework. FSRA requires credentialing bodies, such as CIFP, to adopt robust supervision processes and a code of conduct that puts clients' interest first and ensures the fair treatment of consumers. Approved credentialing bodies will oversee the conduct of their Financial Planner or Financial Advisor credential holders.

"This is a positive development as the Chartered Financial Planner® designation will enable more financial planners to meet the holistic financial advice needs of Ontario's consumers," said Keith Costello, President & CEO of CIFP. "CIFP commends FSRA for their continued efforts to ensure that consumers across the province have access to sound financial advice."

For more information about CIFP and the FSRA-approved Chartered Financial Planner® designation, visit CIFP's website.

FSRA continues to maintain a list of approved credentialing bodies on its website to assist title users and consumers in identifying credentials that enable the use of the Financial Planner and Financial Advisor titles. FSRA has also launched a Check Credentials Tool - an easy-to-use, one-stop tool for consumers to verify the credentials of anyone calling themselves a Financial Planner or Financial Advisor (or similar title) in Ontario.

To find out more about FSRA's title protection framework, including transition periods, please visit FSRA's Financial Planners and Financial Advisors Industry pag.

SOURCE: Financial Services Regulatory Authority of Ontario

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