TORONTO, Dec. 3, 2019 /CNW/ - FP Canada welcomes The Financial Planners and Financial Advisors Act introduced by Saskatchewan Minister of Justice and Attorney General Don Morgan yesterday. This legislation will improve consumer protection in Saskatchewan by providing clarity to help consumers make informed decisions about whom to approach for financial advice.
Minister Morgan introduced the legislation following consultations held in recent months by the Financial and Consumer Affairs Authority of Saskatchewan. As part of the consultations, FP Canada proposed restricting the title 'financial planner'—a suggestion which was ultimately adopted by the Government in the proposed legislation. The Act restricts use of the titles 'financial planner' and 'financial advisor' in Saskatchewan to individuals who obtain, and maintain in good standing, an approved credential from an approved credentialing body. The Act also paves the way for a harmonized national approach between Saskatchewan and other jurisdictions that pass similar legislation.
Currently in Saskatchewan—and in most Canadian provinces—there is no legislated standard in place for those who claim to offer financial planning or financial advice. That means individuals may use the title 'financial planner' without having demonstrated that they have any relevant expertise or qualifications.
FP Canada has taken a leadership role in advocating for policymakers to restrict use of the title 'financial planner' to individuals holding appropriate certification as a financial planner from a recognized professional body. To qualify for certification, these individuals should be required to demonstrate that they meet appropriate proficiency requirements and should be accountable to a professional body for their ongoing conduct. These requirements are already met by all FP Canada certificants, including the almost 17,000 CFP® professionals across the country.
"For too long, Canadians looking for professional financial planning and advice have been forced to navigate a confusing myriad of qualifications, licenses and professional obligations of those calling themselves 'financial advisors' or 'financial planners'," says Cary List, President and CEO of FP Canada. "This legislation will provide the clarity that consumers deserve, enabling consumers to make better informed choices when seeking financial planning advice."
Earlier this year, the Ontario government introduced similar legislation—the Financial Professionals Title Protection Act—which restricts use of the titles 'financial planner' and 'financial advisor' in Ontario to individuals who obtain, and maintain in good standing, an approved credential from an approved credentialing body. FP Canada urges all provinces to establish similar legislated restrictions regarding the use of the title 'financial planner'.
FP Canada will continue to provide counsel to the Saskatchewan government as it implements this important legislation for the benefit of consumers.
About FP Canada™
A national professional body working in the public interest, FP Canada™ is dedicated to fostering better financial health for Canadians by leading the advancement of professional financial planning in Canada. There are approximately 19,000 professional financial planners in Canada who, through FPSC Level 1® certification and CFP® certification, meet FP Canada's standards.
About CFP® Certification
Certified Financial Planner® certification is the most widely recognized financial planning designation in Canada and throughout the world and is considered the standard for the financial planning profession. CFP® professionals have demonstrated the knowledge, skills, experience and ethics to provide holistic financial planning strategies and solutions at the highest level of complexity required of the profession, and work with their clients to build a financial plan so that they can Live Life Confidently™. CFP professionals in Canada are certified by FP Canada™, a national professional body working in the public interest. There are approximately 17,000 CFP professionals across Canada, part of an international network of more than 181,000 in 26 territories around the world.
SOURCE FP Canada
For further information: For media inquiries, please contact: Megan Harman, FP Canada, [email protected], 416.593.8587, ext. 232 or 1.800.305.9886