Background

The Portfolio Management Association of Canada (“PMAC”), through its Industry, Regulation & Tax Committee, is pleased to have the opportunity to respond to the request for comment from the Financial Services Regulatory Authority of Ontario (FSRA) on Proposed Rule 2020-001 – Financial Professionals Title Protection (the Rule) and on proposed Approach Guidance – Financial Professionals Title Protection – Administration of Applications (the Guidance, together, the Consultation). Capitalized terms used but not defined in this submission shall have the meaning given to such terms in the Consultation.

We believe that the proposed regulation of the Financial Planner (FP) title presents an opportunity to create a level playing field for those providing financial planning while elevating the standards required of individuals holding themselves out as financial planners, for the benefit of investors. We also believe that the regulation of the FP title, if coupled with appropriate regulatory oversight, carve-outs for otherwise regulated individuals, and investor education and outreach, will provide investors with greater certainty about the qualifications of the person providing them with financial planning and address investor confusion. We believe that those are key elements to protecting investors and increasing confidence in Ontario’s capital markets.

The submission can be read in full, here.