Ontario Financial Services Planning Regulation Consultation

Toronto, September 1, 2016 - The Ontario Ministry of Finance continues its review of regulations relating to financial advisors and planners. The intent of the review is to help Ontarians facing complex financial and investment decisions access quality, professional advice that serves their financial goals. The ministry has stated that, “unlike many financial service sectors in Ontario, financial advisors and planners are not subject to general regulatory oversight, which could leave consumers and investors vulnerable. This review will focus on addressing this gap by examining more tailored regulations”.

To lead the review and make recommendations, the Province has appointed an independent expert committee and has released an Initial Consultation Document to inform the ongoing review of these services. The “Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives” is seeking feedback on the current regulatory framework and the potential need for additional policy measures.
For further details on this initiative refer to this link on the Ministry’s website: http://www.fin.gov.on.ca/en/consultations/rfp.html

Ontarians had the opportunity to provide feedback online or in writing by September 21, 2015In early 2016 the expert committee released a consultation paper requesting specific comments on their recommendations; due by June 17, 2016. Comments provided by The Canadian Securities Institute®. highlighted the credibility and strength of the PFP® designation as a distinguishing credential used by professional financial advisors and planners across Canada.  Our response is available on the ministry site.