New Regulation Governing Use of Financial Planner/Financial Advisor Titles

On March 28 the Financial Services Regulatory Authority’s (FSRA) Financial Professionals Title Rule (FPTP Rule) came into effect regulating the use of the Financial Advisor (FA) and Financial Planner (FP) titles within the province of Ontario.

Anyone using the FA or FP title will be required to receive credentials from a FSRA-approved credentialing body. Please note that only CPAs who use the FA or FP titles are affected by this rule.

CPA Ontario engaged in an advocacy effort to ensure that the services provided by CPAs would not be negatively affected by this change. Based on correspondence with FSRA, it is confirmed that the FPTP Rule only seeks to regulate the use of FA and FP titles, not the activities of financial professionals. FSRA also confirmed use of the term “financial advisor” will not be subject to the new requirements under the FPTP Rule, when it is used to outline or describe the services provided by CPAs or by CPA firms, to their clients.

For more information about this regulatory change, please visit the FSRA website for a summary of the rule or contact us directly.