It has been almost two years since Ontario first raised the prospect of regulating the financial planning industry. Now all the anticipation is coming to a head as a newly appointed Expert Committee seeks public consultation on how to protect consumers from an industry fraught with more issues than most insiders are willing to admit.
“We are constantly looking for ways to protect consumers,” said Ontario Minister of Finance Charles Sousa. “While many financial services are regulated, financial advisory and financial planning activities are not subject to comprehensive regulatory oversight. The work of the Expert Committee will ensure that … Ontarians are protected.”
It seems curious that the financial industry’s self-regulating bodies have not sought to impose stricter standards for members before this.
Jason Heath -Financial Post – July 10, 2015.
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