Proposed IIROC rule too lax: FPSC

The Investment Industry Regulatory Organization of Canada’s proposed rule governing how its member firms supervise financial planning activities has drawn fire from critics, but even among those who support the measure, there are those who feel it could have been better written.

The Financial Planners Standards Council (FPSC) of Canada welcomes the proposed rule, in that its stated goal is to better protect client interests. The body, which governs the Certified Financial Planner (CFP) designation, had engaged the securities regulator from the outset, when IIROC’s predecessor, the Investment Dealers Association, embarked on the project in 2007.