The Manitoba government has joined Québec, Ontario, Saskatchewan and New Brunswick in considering or implementing legislation respecting the use of the titles “financial planner” and “financial advisor”. Title protection legislation in the province would prohibit the use of those titles unless the individuals using them are qualified to do so.
The Consultation Paper notes in its introduction that currently, people can hold themselves out to the public in the province as “financial advisors” or “financial planners” without holding any qualifications. Manitoba Finance is seeking views on the advisability of title protection legislation and poses a number of specific questions about the elements and structure of any such regulatory regime. The Consultation Paper reviews the current status of the title protection rules in the jurisdictions noted above, and thus many of the specific questions posed relate to the differences in the rules and asks for comments as to which elements Manitoba should adopt, including with respect to enforcement powers, how broad the regime should be in terms of titles in addition to the two mentioned above, and the importance of a single, central, public database listing all individuals entitled to use these titles.
The consultation is open for comment until September 30, 2023. Firms that would be subject to the legislation may wish to comment on certain aspects of the proposal relating to harmonization, particularly firms that operate across jurisdictions.
July 31, 2023