FSRA has launched a credential checking tool and an education campaign
Ontario’s financial services regulator is making it easier for consumers in the province to check that advisors are properly qualified.
The Financial Services Regulatory Authority’s new Check Credentials Tool will help people verify holders of protected titles that are approved by an FSRA-approved credentialling body including Financial Advisor, Financial Planner, and similar titles such as Financial Wealth Planner or Financial Investment Advisor.
The tool will show whether an individual holds the title they say they do, if they are in good standing, and if they have had any disciplinary action taken against them. The FSRA’s Financial Professionals Title Protection Rule requires that FPs and FAs “deal with clients competently, professionally, fairly, honestly and in good faith” as a priority when providing financial planning or advice.
"In many cases people are entrusting their life savings to financial professionals and they expect that these people are properly trained and supervised," said Huston Loke, Executive Vice President of Market Conduct, FSRA. "We encourage consumers to check credentials and we are making it easy through our new Check Credentials Tool."
The regulator has also launched an education campaign following research that suggests many people are selecting FAs and FPs without doing due diligence to find a qualified and verified professional. Half of respondents spend more time researching their most recent cellphone purchase than the person who they are entrusting large sums of money to.
The campaign also encourages people to ask questions of the financial professionals they intend to work with, including asking about their credentials and the products and services they offer.
Recent data from the FSRA shows there were 15,094 professionals using the title Financial Planner in Ontario, and 1,600 using Financial Advisor at the beginning of the 2022 reporting period.
