“To permit continued use of Financial Advisor/Financial Planner titles after the transition period, and for those who are just beginning to use these titles, it’s important that FSRA follow the standards created by the rules and other laws that govern the title protection framework,” Loke said. “This is an obligation FSRA takes seriously.”
In reviewing applications, FSRA objectively applies minimum standards for CBs and a robust approval process, which were determined following extensive consultations, Loke said.
To be approved, CBs must clearly demonstrate that they provide a minimum standard of education. They must also require credential holders to complete continuing education; abide by a code of conduct putting clients’ interests first; and be subject to a complaints and disciplinary process.
“All approved credentialing bodies meet these requirements, and where they have unproven processes necessary to meet these standards, will be subject to ongoing focused review,” Loke said.
FSRA has also implemented a process to review “all aspects of the performance of credentialing bodies,” which Loke said was established after public consultations.
