FSRA’s proposals consist of a new Rule and Approach Guidance that relate to granting approval to become a FSRA credentialing body and to obtain a Financial Planner or Financial Advisor credential from those bodies, as well as ongoing requirements to keep such approvals. The Approach Guidance sets out FSRA’s proposed administration of and expectations for credentialing body applications and for specific acceptable credentials, all within the framework already set out under the Financial Professionals Title Protection Act, 2019. Once the Act is proclaimed in force, it will restrict the use of these two titles to persons who have obtained a credential issued by an approved FSRA credentialing body. The Rule establishes approval criteria for credentialing bodies, criteria to issue acceptable credentials, sets out the application process and provides transition periods for individuals already using those titles (five years for FPs and three years for FAs). The Rule sets out baseline competency profiles for title users in both categories, and the consultation notes that it focuses on minimum standards instead of trying to build a consistent level of proficiency for all individuals who use either title or hold a license or designation.