The Ontario government’s recently published proposal for regulating financial planners gets a lot of things right, but several concerns remain with the proposed legislation
A co-ordinated approach that doesn’t duplicate existing regulatory oversight will address an important regulatory gap in investor protection
Policy-makers called on to do more than they’re proposing
A new consultation paper invites comments on proposals that would restrict the use of the title “financial planner” to those with the necessary proficiency or licensing requirements
The province will “consult extensively with stakeholders” on effort to restrict the use of financial planning titles and impose proficiency requirements on financial planners
Financial planners need to continue to lobby for their regulation as a profession in law
IIROC, Advocis and others support enforcement measures in Ontario budget
Government plans to study universal “best interest” duty
The introduction of restrictions to using the financial planner title as well a new statutory best interest standard will provide much needed clarity for clients
Ontario’s government intends to work with the province’s financial regulators on many of the Expert Committee’s recommendations