Legislation represents a positive step forward for consumer protection in Saskatchewan
TORONTO, ON – July 6, 2020 – 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.
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Advocis, The Financial Advisors Association of Canada