“Consumers will also have confidence that the individual they are dealing with has a minimum standard of education, is being actively supervised and is subject to a complaints and discipline process,” he added.
Each FSRA-approved credentialing organization will be expected to take responsibility in monitoring and enforcing the behaviour of their respective Financial Planner or Financial Advisor credential holders.
FSRA mandates that credentialing bodies have effective supervisory systems in place, as well as a code of conduct that requires credential holders to prioritize the interests of their clients and ensures that customers are treated fairly.
“FP Canada welcomes the approval by FSRA as a credentialing body to grant and oversee Financial Planner title use,” said President & CEO for FP Canada, Tashia Batstone, who highlighted the Certified Financial Planner and Qualified Associate Financial Planner designations as “excellent opportunities for those interested in a career in financial planning to develop the skills and competencies to best serve the needs of all Canadians.
“As a professional body working in the public interest, we strongly support the Financial Professionals Title Protection Act and the benefits it brings to consumers in the form of increased clarity and confidence. We look forward to working with FSRA under this important new framework,” she added.