At the request of the Financial and Consumer Affairs Authority of Saskatchewan (FCAA), the IIAC prepared a submission responding to the FCAA’s consultation on the regulation of financial planners and financial advisors in Saskatchewan, including the use of financial planner and financial advisor titles. The FCAA also sought views on the Ontario Financial Professionals Title Protection Act, 2019 and whether Saskatchewan should follow the same or a similar approach.
The IIAC reiterated our support for additional clarity and standardization for the provision and supervision of financial planning in the industry. The IIAC also outlined that individuals using the title “Financial Planner” in Ontario must have the necessary training and expertise to provide financial planning services, thereby restricting the use of the title “Financial Planner” to individuals holding a recognized financial planning credential. However, the IIAC recommended that the FCAA focus any proposed requirements only on those individuals providing comprehensive financial plans to clients and/or use the title of Financial Planner, and not capture financial advisors. This would ensure that regulations are not duplicative and inefficient as the provision of financial advice is currently highly regulated in the existing regulated channels.
Finally, the IIAC stressed the need for a harmonized and national approach to any regulatory framework developed for financial planners.
For more information, please contact malexander@iiac.ca.