All financial planners should be regulated, says proposal

IFIC and the IIAC are calling on the Ontario government to enact a general legislative framework for financial planners.

In a joint submission responding to the Ontario government’s Consultation on Financial Advisory and Financial Planning Policy Alternatives, IFIC and the IIAC laid out a framework for accreditation of those who use the title of “financial planner” and regulation and oversight of people who use that title or provide comprehensive financial plans and who are not currently subject to oversight by an existing regulatory body.

“Securities and insurance advisory services and planning that are ancillary to product recommendations are already well-regulated in Ontario, but there are gaps in non-product-related financial planning that need to be addressed for the benefit of investors,” says Michelle Alexander, vice-president of the IIAC.

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Advisor.ca – September 21, 2015.