FSRA grants approval to CIFP's Chartered Financial Planner credential, expanding consumer choice in Ontario
Ontario's Financial Services Regulatory Authority (FSRA) has endorsed the Chartered Financial Planner designation offered by The Canadian Institute of Financial Planning (CIFP) as a qualified credential for individuals using the Financial Planner title in Ontario.
This approval marks an important step in providing residents with broader options when seeking financial planning services.
Huston Loke, the executive vice president of Market Conduct at FSRA, highlighted the significance of adding another credential to the approved list.
“By approving another credential, we are providing individuals and families with more choice when seeking the assistance of a qualified financial professional,” Loke said.
He further reassured consumers that professionals holding such designations meet a minimum standard of education, undergo active supervision by an approved credentialing body, and are part of a comprehensive complaints and discipline process.
So far, FSRA has recognized five credentialing bodies and 14 credentials as part of its Title Protection Framework. This framework requires credentialing organizations like CIFP to enforce strict supervision protocols and a code of conduct that prioritizes the client's interests and the fair treatment of consumers.
Credentialing bodies approved by FSRA are responsible for monitoring the conduct of their Financial Planner or Financial Advisor credential holders.
Keith Costello, president and CEO of CIFP, expressed support for FSRA's decision, viewing it as a beneficial development for the financial planning profession in Ontario.
“This is a positive development as the Chartered Financial Planner designation will enable more financial planners to meet the holistic financial advice needs of Ontario's consumers,” Costello stated.
He commended FSRA for its diligent efforts to ensure that consumers in the province have access to competent financial advice, reflecting a shared commitment to enhancing the quality and reliability of financial planning services across Ontario.
