Manitoba Finance – Financial Planner Title Protection in Manitoba

September 28, 2023

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Manitoba Finance – Financial Planner Title Protection in Manitoba

Letter Summary:

The Manitoba government is seeking feedback from the public regarding the advisability of introducing financial planner title protection legislation in Manitoba. The Consultation Paper they issued summarizes the background to this issue and how various other Canadian provinces have addressed or are addressing it. In addition, it sets out several specific questions for consideration by commenters.

Overview of the Council’s Comments:

We somewhat support efforts to regulate the use of financial planner and financial advisor titles in Manitoba and other jurisdictions as a financial consumer protection measure. As outlined in the letter, we believe it is essential that jurisdictions such as Manitoba
contemplating the implementation of such frameworks integrate learnings from the challenges of similar regulatory frameworks in other jurisdictions in their legislative and regulatory designs. We believe Manitoba should incorporate measures that promote
appropriate reciprocity and harmonization, while being primarily concerned with solving for the public interest concerns driving the consideration of this legislative and regulatory initiative.