FSRA adds to list of designations recognized for financial advisor and financial planner title users in the province
The Financial Services Regulatory Authority of Ontario (FSRA) has announced the Canadian Institute of Financial Planning (CIFP) as the fourth credentialling body approved to grant and have oversight on Financial Planner and Financial Advisor title use in the province.
With the approval of CIFP, the Registered Retirement Consultant (RRC) designation has been approved as a credential for those holding themselves out as financial planners under Ontario’s Financial Professionals Title Protection Framework.
The Registered Financial and Retirement Advisor (RFRA) and Registered Retirement Analyst (RRA) designations have also received approval as credential for financial advisors in the province.
"The Canadian Institute of Financial Planning has met all of FSRA's application criteria," says Huston Loke, Executive Vice President, Market Conduct at FSRA. "For over 45 years, it has provided programs to meet certification and education requirements for those practicing in the financial services sector. More than 13,000 securities and insurance professionals across Canada, including 5,000 in Ontario, already make use of their training and continuing education materials. "
Under the Ontario title protection framework, credentialing bodies are expected to oversee and enforce the conduct of their financial planner or financial advisor credential holders. That includes having a robust supervision process and a code of conduct requiring credential holders to put clients’ interests first, and ensuring fair treatment of consumers.
"CIFP is pleased to be approved as a credentialing body by FSRA under the Financial Professionals Title Protection Framework,” said CIFP President and CEO Keith Costello. “With the addition of our three approved credentials, Ontario financial consumers now have a wide selection of choices to get the targeted and wholistic financial advice that they require. We will continue to ensure that our credential holders provide their expertise in the best interest of their clients."
