TORONTO, ONTARIO -- (Marketwired) -- 04/27/15 -- The Financial Planning Coalition is pleased by the Ontario government's recent decision to form an expert committee that will examine the merits of regulating financial planners in the province. The national coalition, which was established to create a professional framework for financial planners and advocates for greater consumer protection through the official recognition of financial planning as a profession, looks forward to supporting the new committee as it examines this important consumer protection issue.
Ontario Finance Minister, Charles Sousa, announced Monday that the committee will be made up of the following individuals: Malcolm Heins, Paul Bates, Anita Annand and Lawrence Haber. Minister Sousa said "more tailored regulation" of financial planning would help "consumers make informed choices and investments" and boost the financial planning profession "by promoting appropriate educational requirements and qualifications." The committee is expected to develop its mandate within 90 days, draft an interim report in the fall of 2015, and deliver final recommendations in early 2016.
"This is a positive step forward for Ontario," said Cary List, President & CEO of Financial Planning Standards Council (FPSC). "Determining how government can better protect consumers given the unregulated financial planning environment warrants serious examination and discussion. We look forward to offering our leadership and expertise on this important matter."
Anyone in Ontario can currently hold themselves out as a financial planner. Strict competency and ethics requirements, overseen by a standards-setting and certification body, do exist for more than 9,000 CERTIFIED FINANCIAL PLANNER® professionals in Ontario - but only through voluntary certification by attaining the CFP designation.
"The Financial Planning Coalition is committed to working with the Ontario government to ensure all consumers are served by qualified and competent financial planners," said List. "We strongly believe this will require financial planning to be recognized in law as a distinct profession, governed by clear title restrictions based on strict standards of competence, ethics and practice."
FPSC and the Institut quebecois de planification financiere (IQPF), the two organizations that establish and maintain standards for the financial planning profession in Canada, recently came together to establish the country's first-ever unified set of financial planning standards. Canadian Financial Planning Definitions, Standards & Competencies is a valuable resource for consumers and industry, and another vital step toward elevating financial planning as a distinct professional practice in Ontario.
About the Financial Planning Coalition
The Financial Planning Coalition was formed in 2009 to establish a professional framework for those holding themselves out as financial planners in Canada. The Coalition advocates for the official recognition of financial planning as a distinct profession that will best serve the interest of Canadians. Its members include: Financial Planning Standards Council (FPSC), The Canadian Institute of Financial Planners (CIFPs), Institute of Advanced Financial Planners (IAFP), and Institut quebecois de planification financiere (IQPF). Learn more at www.FinancialPlanningCoalition.ca.
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