Act establishing standards for individuals using 'financial planner' and 'financial advisor' titles receives royal assent
The effort to create a legislative framework around financial advisor and planner title use has gained ground in New Brunswick.
The Financial Advisors and Financial Planners Title Protection Act, introduced as Bill 29 in March, has received royal assent during the second session of the province’s 60th legislature.
The province first consulted on title protection in 2021. Among other provisions, Bill 29 included administrative penalties for using a restricted title without an approved credential, or other violations of the act. Individual violators are required to pay $10,000, while non-individual offenders must pay $25,000.
The bill went through first reading on March 22, and second reading on March 28. It underwent the third reading on May 11 before finally receiving royal assent on Friday.
In a statement reacting to the news, FP Canada applauded the provincial government for moving forward with the legislation.
“FP Canada commends the Government of New Brunswick for the passage of this important legislation," Tashia Batstone, President & CEO of FP Canada, said Friday.
“In light of the serious economic challenges facing Canadians today, including inflation and the rising cost of living, it's critical to ensure consumers have access to qualified, trusted financial planning advice,” she said. “With careful implementation, the Act can play an important role in ensuring consumers in New Brunswick know where to turn for the trusted, professional advice they need in this moment."
Commending the Financial and Consumer Services Commission of New Brunswick, FP Canada said it anticipates applying for credentialling body status in the province, specifically to get approval for Certified Financial Planner certification and Qualified Associate Financial Planner certification as financial planner credentials.
New Brunswick’s title protection legislation follows similar policies in Ontario – which has implemented its Financial Planner Professionals Title Protection Act – and Saskatchewan, which has the Financial Planners and Financial Advisors Act.
