Advocis is pleased to report that the province of Saskatchewan’s Bill 203 – The Financial Planners and Financial Advisors Act – has passed and received Royal Assent!
For over a decade, Advocis has been the leading voice in advocating for the official recognition of financial advisors and financial planners as true professionals. We have been loud and clear with governments and regulators across the country that a lack of title protection for both financial advisors and financial planners presents a serious risk to the financial health of hard-working families seeking professional financial advice.
Thanks to the tireless efforts of our Provincial Advocacy Committee (PAC) members, we have made a critical impact on the future of our profession in Ontario – and now Saskatchewan – while creating significant momentum for professionalization across the country.
As more provinces move closer towards introducing similar legislation, the power of our grassroots advocacy efforts have never been stronger. Despite living and working through a global pandemic, our members have demonstrated their resiliency and dedication to serving their clients no matter how difficult the situation. If anyone has earned the right to be recognized as true professionals, it is you.
Title protection has never mattered more for Canadians, and we are delivering it together.
ABOUT THE ACT
In December, Saskatchewan Attorney General Don Morgan kept his government’s promise to act on title protection by introducing this bill, which closely mirrors similar legislation passed in Ontario and requires individuals using the titles of “financial advisor” or “financial planner” to have an appropriate credential and be overseen by a recognized credentialing body.
Just as we have been working with the Financial Services Regulatory Authority of Ontario (FSRA), both our Government Relations and Legal and Regulatory Affairs staff look forward to working closely with the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) over the coming months to work out the details and ensure we get it right. There are a whole host of issues related to grandfathering, exemptions, equivalencies and so on that merit fulsome debate to ensure we are protecting consumers without harming small business advisors in the province.
To learn more about the legislation, read our Legal and Regulatory Affairs Bulletin which was issued in December, 2019. (Please note: your Advocis ID and Password will be required to access the Bulletin)
Both our Government Relations and Legal and Regulatory Affairs teams look forward to working with the government and the FCAA towards next steps.
There could not be a better time to become an Advocis advocacy volunteer! To learn how you can be a part of our growing advocacy momentum, please reach out to your provincial (PAC) Chair. Contact information can be found in the Government Relations section of the Advocis website.
For any additional questions, please contact Nick Colosimo, Associate Director of Government Relations.
FP Canada™ and Advocis Applaud the Saskatchewan Government on the Passage of Title Protection Legislation
Legislation represents a positive step forward for consumer protection in Saskatchewan
TORONTO, July 6, 2020 /CNW/ – Today FP Canada and Advocis, the Financial Advisors Association of Canada, welcomed passage of The Financial Planners and Financial Advisors Act (“the Act”) by the Government of Saskatchewan. The passage of the Act represents a significant and positive step forward for consumer protection in Saskatchewan.
Saskatchewan Minister of Justice and Attorney General Don Morgan first introduced the Act in December 2019, following consultations led by the Financial and Consumer Affairs Authority of Saskatchewan (FCAA). The Act restricts who may legally use the titles “financial planner” and “financial advisor” in Saskatchewan. Only individuals who obtain, and maintain in good standing, an approved credential from an approved credentialing body, may use them.
Both FP Canada and Advocis believe the new legislation is particularly important in the current environment, as many Saskatchewanians struggle with the economic challenges associated with the COVID-19 pandemic.
“Saskatchewanians need professional financial planning advice now more than ever, as many are dealing with new financial challenges,” says Cary List, President and CEO of FP Canada. “This legislation will benefit consumers by providing them with the clarity and protection they need as they seek professional advice to help them rebuild financial confidence.”
“The restriction of key titles to individuals with qualifying credentials will go a long way in elevating the trust and stature of financial advisors and planners as true professionals,” added Greg Pollock, President and CEO of Advocis. “More importantly, it ensures that individuals, families and businesses in Saskatchewan can be confident in whom they choose to trust to provide them with financial advice during these uncertain times, as not just anyone will be permitted to use these titles.”
With the legislation now passed, the FCAA will be responsible for developing corresponding regulations to flesh out the Act, including definitions of “financial planner” and “financial advisor”, criteria for assessing credentialing bodies and credentials, and transition policies for existing practitioners. The Saskatchewan government has indicated it intends to consult with industry as it develops these regulations.
Importantly, the Saskatchewan government has also indicated its desire to ensure consistency with Ontario’s recently passed Financial Professionals Title Protection Act, 2019. FP Canada and Advocis applaud this harmonized approach with Ontario, which is an important step towards national harmonization in the interest of all Canadians.
FP Canada and Advocis look forward to continuing to provide counsel to the Saskatchewan government and FCAA as corresponding regulations are developed, and as the legislation is implemented. Both organizations also look forward to advocating for harmonized legislation in other provinces, for the benefit of all Canadians.
Advocis is the largest and oldest voluntary professional membership association of financial advisors in Canada, with 13,000 members in Canada and over 500 in Saskatchewan. Advocis has a code of professional conduct, continuing education requirements, best practices, and a disciplinary process.
About FP Canada
A national professional body working in the public interest, FP Canada™ is dedicated to championing better financial wellness for all Canadians by leading the advancement of professional financial planning in Canada. There are approximately 21,000 professional financial planners in Canada, including nearly 800 in Saskatchewan who, through CFP® certification and QAFP™ certification, meet FP Canada’s standards.
SOURCE FP Canada
For further information: For media inquiries, please contact: Megan Harman, FP Canada, firstname.lastname@example.org; Julie Martini, Vice-President, Public Affairs and Marketing, Advocis, The Financial Advisors Association of Canada, 416-342-9864, JMartini@advocis.ca
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