Saskatchewan regulator opens consultations on regulation of financial planners and advisors

0

The proposed regulations cover the following:

  • approval criteria for accreditation bodies, which will promote the efficient administration of accreditation programs;
  • approval criteria for the credentials of “financial planner” and “financial advisor”;
  • the approval request process;
  • disclosure requirements;
  • the transition period for those who already use these titles;
  • exemptions and challenge reviews;
  • other confusing titles.

Saskatchewan’s financial and consumer market regulator, the Financial and Consumer Affairs Authority, wants the new securities protection framework to create minimum standards for the use of securities while protecting consumers and investors and by refraining from imposing an unnecessary regulatory burden on title users. Users of individual credentials will be expected to adhere to conduct requirements and professional standards determined by their accreditation bodies.

The framework aligns with the statutory objectives of the legislation and with the principles of consumer confidence and regulatory effectiveness and efficiency. The regulator will boost consumer confidence by identifying when someone is using a title without the necessary authorization and by taking enforcement action. With respect to regulatory effectiveness and efficiency, the regulator plans to take advantage of existing regimes for granting and overseeing financial planning and financial advisory designations and licenses when implementing frame work.

Interested parties can send their written comments by email or post. The regulator may develop and publish related guidelines and bulletins if there are additional details to be addressed.


Source link

Share.

Comments are closed.