Ontario wants to revamp advisor regulation

Ontario is seeking public feedback on recommendations to help consumers access quality, professional financial advice.

The Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives has issued a report outlining preliminary recommendations, including:

• regulating people who serve as financial planners and advisors;
• harmonizing industry education, credentialing, licensing and titling standards;
• establishing clear rules to protect consumers and mitigate the risk of conflict of interest.

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Ontarians can submit comments on the expert committee’s recommendations to Fin.Adv.Pln@ontario.ca by June 17. There will also be town hall meetings being held across the province. View the report here.

The committee will use the feedback to finalize its recommendations to government, which are expected this fall.

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In 2015, the financial services sector accounted for 390,000 Ontario jobs, generating almost 10% of Ontario’s GDP.

Ontario also recently proposed changes that will help credit unions and caisses populaires remain competitive and better serve individuals, communities and businesses.

Another expert advisory panel is reviewing the mandates of the Financial Services Commission of Ontario, the Financial Services Tribunal and the Deposit Insurance Corporation of Ontario with the goal of modernizing the regulation of financial services and pension plans and increasing agency accountability. Their final report is due this spring.

Read: What can Canada learn from Britain’s pension reforms?

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.