Financial Planner and Financial Advisor title protection moving forward in Ontario, Minister of Finance approves Rule

Advocis has applied to be a FSRA-approved credentialing body to grant and oversee Financial Planner and Financial Advisor title use 

TORONTO, ON – March 23, 2022 – Advocis, The Financial Advisors Association of Canada, applauds the Minister of Finance for approving FSRA’s Financial Professionals Title Protection Rule. The Rules, and related guidance, will come into effect once the related legislation has been proclaimed into force on March 28, 2022.  

This initiative creates minimum standards for individuals using the Financial Planner and Financial Advisor titles, so that consumers can have confidence that the individual they are dealing with has a minimum standard of education, is being actively supervised by an approved credentialing body and is subject to a complaints and discipline process. It will also offer consumers greater clarity by minimizing confusion around the wide array of titles and credentials being used in the financial services marketplace. 

Individuals using the Financial Planner or Financial Advisor title will need to hold an approved credential from a FSRA-approved credentialing body. Advocis has applied to become a FSRA-approved credentialing body and submitted the Professional Financial Advisor (PFA) credential for use of the Financial Advisor and Financial Planner title, and the Chartered Life Underwriter (CLU) credential for use of the Financial Planner title in Ontario. 

“This is an important step forward in raising the professional bar for our members and clients. Not only will this help strengthen consumer confidence in choosing who to partner with, but will also help promote consistency and professionalism among those individuals using the titles,” says Greg Pollock, President and CEO of Advocis. 

FSRA’s approach to Financial Planner and Financial Advisor title protection leverages existing requirements already administered by licensing and professional designation bodies, which mitigates duplication of regulatory requirements on individual title users. This initiative will also be phased in over time. FSRA’s transition periods – four years for Financial Planners and two years for Financial Advisors – provide individuals who were using these titles prior to and on January 1, 2020 ample time to comply with the framework following its implementation. This chart can help Financial Planners and Financial Advisors determine if the transition period applies to them. 

For more information on the implementation of Financial Planner and Financial Advisor title protection in Ontario, including FSRA’s Financial Professionals Title Protection Rule and related Guidance, transition periods and titles covered, visit FSRA’s Industry page.

About Advocis

Advocis, The Financial Advisors Association of Canada, is the largest voluntary professional membership association of financial advisors in Canada, representing more than 17,000 member-clients and 40 Chapters across the country. Advocis has a code of professional conduct, continuing education requirements, best practices, and a disciplinary process.

For media inquiries, please contact:

Julie Martini
Vice-President, Strategic Engagement
Advocis, The Financial Advisors Association of Canada
416-342-9864
JMartini@advocis.ca