As summarized way back in our August, 2021 bulletin, the Financial and Consumer Services Commission of New Brunswick (FCNB) has previously consulted on a framework for the protection of titles used by financial professionals in that province. That consultation ended in October of 2021, but the government of New Brunswick has now taken the next step and introduced a bill entitled the Financial Advisors and Financial Planners Title Protection Act. As currently formulated, a person who is not a financial advisor or financial planner with an approved credential from a credentialling body will not be permitted to use the title “financial advisor” (conseiller financier) or “financial planner” (planificateur financier), a title prohibited by regulation, a variation or abbreviation of any of those titles or an equivalent in another language or a title that implies a person is entitled to use any such titles.
The government would need to further consult on rules based on the final version of the legislation enacted.
Meanwhile, in Ontario, where the title protection framework has been in place since March, 2022, the Financial Services Regulatory Authority of Ontario (FSRA) and the New Self-Regulatory Organization of Canada (New SRO) are continuing to look at how the New SRO can become a credentialing body for financial advisors. Approved credentialing bodies must oversee conduct of their credential holders and enforce compliance with minimum requirements. FSRA, the Ontario Securities Commission (OSC) and the New SRO are trying to ensure there is no regulatory duplication, and that the New SRO’s fees would be reduced to recognize the fact that the OSC already oversees its activities.
FSRA will continue to maintain a list of existing approved credentialing bodies and credentials on its website and monitors the market for changes in title usage.
March 31, 2023