Note to Designation Holders Re Ontario Budget

Toronto, May 1, 2019 - The Ontario government has indicated in the April 2019 budget that they plan to continue with the initiative to introduce rules with regard to the use of titles for financial planners and financial advisors. This further supports the regulatory and industry move to require greater proficiency and credentials for advisors.  In support of our designation holders, the financial industry and the public, CSI is committed to ensuring that our designations continue to be recognized as leading industry designations that demonstrate the highest level of proficiency and professionalism.  CSI has been and will continue to be a full participant in the government consultation process.

Below is the extract from the budget. We will keep you posted as this initiative moves forward.

Fostering Modern and Effective Financial Services Regulation

Adopting Title Protection for Financial Planners and Financial Advisors

In Ontario today, there is no title protection for financial planners and financial advisors. Families risk receiving financial planning and advisory services from individuals who may not be appropriately qualified to help them save for the future. Lack of title protection undermines professionalism and confidence in those offering financial planning and advisory services.

The government is moving forward with proposed legislation to protect titles for financial planners and financial advisors in Ontario. The proposed new framework is being developed for the financial services industry to require that individuals using the financial planner and financial advisor titles have an appropriate credential. Financial planners and financial advisors would benefit from the knowledge that professionals in their space would be held to a higher standard. Families would be able to reach their financial goals with the confidence that they are dealing with someone who has adequate training and expertise. The new title protection framework will take a measured approach to enhance consumer protection without introducing unnecessary regulatory burden, and will be mindful of the current regulatory oversight of licensees and registrants.

The government's plan responds to longstanding calls from consumers and the financial services

industry to take action. It presents a significant opportunity to strengthen professionalism, and improve efficiency and competitiveness of the industry with the potential to create and retain more jobs. In developing the title protection framework, the government remains committed to engaging with stakeholders to ensure that their concerns are heard. The government is dedicated to fostering an open for business environment and is mindful of the need to ensure a smooth transition for existing experienced and well‐qualified professionals.