Ontario Financial Services Planning Regulation Consultation

Toronto, September 1, 2015 - The Ontario Ministry of Finance is launching a 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 currently 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 can provide feedback online or in writing by September 21, 2015. In early 2016, after the expert committee's review is completed, a final report including recommendations will be submitted to the government.

The Canadian Securities Institute® will be responding to this consultation paper. Our response will highlight the credibility and strength of the PFP® designation as a distinguishing credential used by professional financial advisors and planners across Canada.