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Letter Summary:
The Financial and Consumer Services Commission is seeking comment from the public on the two Proposed Rules to accompany the Financial Advisors and Financial Planners Title Protection Act.
The purpose of the Financial Advisors and Financial Planners Title Protection Act (the “Act”) is to ensure that professionals using the titles financial advisor or financial planner hold minimum educational standards to be credentialed.
It is proposed that the framework of the Act will be supported by two rules: Rule TPA-001 General which sets out the criteria for credentialing bodies and their credentials to be approved, and Rule TPA-002 Fees which sets out the fees to be paid to the Commission under the framework.
Overview of the Council’s Comments:
The CAC supports the ongoing efforts of the FCNB to harmonize its title protection regime for financial advisors and financial planners cross-jurisdictionally and are particularly encouraged by the FCNB’s progressive approach to fees and the accessibility it would provide to smaller entities and those with fewer title users seeking entry into the regulatory framework.
We would encourage the FCNB to further collaborate with other jurisdictional regulators to further harmonize the application and entry process to better implement and establish the foundation for a pan-Canadian approach to financial consumer protection and regulation in this area.