Submissions to Government

PMAC Submission – FSRA Financial Planner and Financial Advisor Rule and Guidance


As noted in our July 5th submission to FSRA, PMAC believes that the proposed regulation of the Financial Planner (FP) title presents an opportunity to achieve two important goals: (i) level the playing field for those providing financial planning services, and (ii) elevate the standards required of individuals holding themselves out as financial planners. Both outcomes will benefit consumers. We also believe that with appropriate regulatory oversight, the regulation of the FP title will provide consumers with greater certainty with respect to the qualifications of the person providing them with financial planning services and ameliorate investor confusion. Together, these are key elements to protecting consumers and increasing confidence in Ontario’s capital markets.

With respect to the Financial Planner (FP) title, we are supportive of progress made in this Consultation which we believe will assist FSRA in meeting its policy objectives on title reform. However, we reiterate our serious concerns with respect to the regulation of the Financial Advisor (FA) title which have not been addressed throughout the consultation process.

The regulation and protection of titles should increase investor protection, clarify existing confusion about the scope of services offered and the proficiency of individuals using the FP title, and professionalize the industry. While we note that the Consultation introduces some additional protections and mechanisms to address these issues, we remain concerned that the Consultation proposals in respect of the FA title will not achieve these goals. We have set out our key recommendations and more specific discussion in the body of this submission.

Read the submission in full here.