Fourth Credentialing Body Approved for the Use of the Financial Planner and Financial Advisor Designation in Ontario

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The Financial Professionals Credential Protection Framework will help promote consistency, professionalism and trust among those who use these credentials.

TORONTO, June 8, 2022 /CNW/ – The Canadian Institute for Financial Planning (CIFP) has been approved by the Financial Services Regulatory Authority of Ontario (FSRA) as an accrediting body to grant and oversee the use of the title of financial planner and financial adviser in Ontario.

The following CIFP designations are now approved credentials under the Financial Professional Title Protection Framework:

“The Canadian Institute for Financial Planning has met all of FSRA’s criteria for application,” said Huston Loke, Executive Vice President, Market Conduct at FSRA. “For more than 45 years, it has offered programs to meet the certification and training requirements of those practicing in the financial services industry. More than 13,000 securities and insurance professionals across Canada, including 5,000 in Ontario, are already using their training and continuing education materials. “By leveraging these existing licensing bodies and professional designations, we believe that protecting the title of financial planner and financial adviser in Ontario will significantly strengthen consumer protection while making it easier for financial services professionals to obtain their credentials.”

FSRA-approved credentialing bodies are responsible for supervising and enforcing the conduct of their financial planner or financial advisor credential holders. FSRA requires credentialing bodies to have robust oversight processes and a code of conduct that compels credential holders to put the interests of the client first and ensure the fair treatment of consumers. A list of approved accrediting bodies and their approved credentials can be found on FSRA’s Financial Planners and Financial Advice Sector page.

“CIFP is pleased to be approved as a credentialing body by FSRA under the Financial Professionals Title Protection Framework. With the addition of our three approved credentials, Ontario financial consumers now have a wide range of choices to get the targeted and holistic financial advice they need. We will continue to ensure that our credential holders offer their expertise in the best interests of their clients,” said Keith Costello, President and CEO, The Canadian Institute for Financial Planning. “We commend FSRA for their expertise, professionalism and success in implementing this important consumer protection initiative. In addition, we thank the government of Ontario for their leadership and foresight in passing the enabling legislation for title protection and for encouraging other provinces to join Ontario in this new standard.”

Protection of the title of financial planner and financial adviser in Ontario is an important and positive development for the industry. It will be:

  • Help promote consistency, professionalism and trust among people using titles
  • Enable those who are able to formally use the title of financial planner or financial advisor to communicate their value to consumers and validate their education and expertise
  • Provide consumers with the assurance that the individual they are dealing with has a minimum level of education, is actively supervised by an accredited accrediting body, and is subject to a complaints and discipline process.

Learn more:

  • FSRA is committed to providing ongoing and regular updates to facilitate the successful implementation of the title protection framework for financial professionals, which will be phased in over time. Please visit FSRA’s Financial Planners and Advisors Industry page for more information on the phased transition period and titles covered.
  • FSRA is actively reviewing applications and will announce other accrediting bodies and their designations as they are approved.
  • FSRA invites existing professional/designating bodies to apply as accrediting bodies under the framework.

FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial security, fairness and choice for all. Learn more at www.fsrao.ca.

SOURCE Financial Services Regulatory Authority of Ontario

For further information: For media inquiries, please contact: Russ Courtney, Senior Media Relations and Digital Officer, Financial Services Regulatory Authority, C: 437-225-8551, Email: [email protected]

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