September 02, 2020
On August 13, 2020, the Financial Services Regulatory Authority of Ontario (the “FSRA”) proposed the “Financial Professionals Title Protection Rule” establishing minimum standards for the use of the “financial planner” (“FP”) and “financial advisor” (“FA”) titles (the “Proposed Rule”). The Proposed Rule aims to curb the ambiguous use of such titles in an effort to bolster consumer confidence in the quality of the financial planning and advisory services received from individuals with such titles and to enhance the protection such titles confer on those financial professionals that have obtained the corresponding qualifications.
In its announcement of the Proposed Rule, FSRA indicated that public consultation is open for 90 days with feedback and comments due by November 12, 2020.
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