Credentials Credentials DFSA™ Overview
The Designated Financial Services Advisor (DFSA™) designation is a leading credential for financial advice in Canada. It is approved by the Financial Services Regulatory Authority of Ontario (FSRA) for using the Financial Advisor title in the province of Ontario. Used by Canada’s largest financial institutions, it ensures that financial advisors have the knowledge and skills to provide appropriate advice to address a client’s financial situation.
The DFSA™ Professional Competency Profile provides an overview of the responsibilities, skills and knowledge that are unique to someone who holds the DFSA™ designation. It is the foundational document for the Designated Financial Services Advisor (DFSA™) designation that describes the required competencies of professionals awarded the designation.
In 2019, the Ontario government announced that it would introduce legislation to limit the use of the titles of “Financial Planner” and “Financial Advisor” in Ontario to individuals who have obtained a credential from a credentialing body approved by the Financial Services Regulatory Authority of Ontario (FSRA).
The DFSA™ is recognized and approved by FSRA as a financial advisor designation within this regulatory framework regulation. The Personal Financial Planner (PFP®) designation offered by CSI is recognized and approved within this regulatory framework as a financial planning designation.
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA or the Authority) is publishing for comment Proposed Regulations [2021-001] – The Financial Planners and Financial Advisors Regulations (the Proposed Regulations) under The Financial Planners and Financial Advisors Act (FPFAA). This legislation is intended to limit the use of the titles “Financial Planner” and “Financial Advisor.” It is still in the public comment phase.
The Financial and Consumer Services Commission of New Brunswick (FCNB) is seeking public comment on potential approaches to the regulation of the titles “Financial Planner” and “Financial Advisor” in New Brunswick.
The DFSA™ designation cannot be used in Quebec due to provincial regulations.