Staying focused on our key issues
To formulate our response, Advocis established a working group consisting of members (including the National Board of Directors and the Chairs of the Legal/Regulatory Policy and Government Relations Committees) and staff from the Education, GR and Legal and Regulatory Affairs (LRA) departments. To complement their work, the GR team was busy meeting on several occasions with senior staff from the office of Ontario’s Minister of Finance. The feedback was both productive and positive, as Advocis remains a leading stakeholder on this important issue.
2 02 0 ANNUAL RE PO RT LO O KI NG FO RWARD
1. Title Protection Moves Forward in Ontario The Financial Services Regulatory Authority (FSRA) of Ontario’s publication of the proposed Rule and Guidance regarding title protection was issued in August.
Our response to FSRA’s consultation was submitted by the LRA team in November. Among several issues, our response stressed predominantly that a chosen credential should be product-agnostic, and detached from a sales license. Furthermore, we stated that while an advisor’s work may not typically result in the production of a comprehensive financial plan that canvasses multiple areas, it usually involves a deeper dive into a client’s immediate needs. Through our PACs, the GR team will continue to educate MPPs on the important role financial advisors play in protecting the financial health of Ontarians. 2. Title Protection passes in Saskatchewan The members of the Saskatchewan PAC, along with its Chapter membership, have been hard at work to ensure their MLAs understand the need to strengthen consumer protection in financial advice. In December 2019, Attorney General Don Morgan introduced Bill 203, The Financial Planners and Financial Advisors Act. This Bill takes a similar approach to that of Ontario as it relates to the protection of the titles “financial advisor” and “financial planner”. With an impending provincial election in the fall, the Advocis GR team identified the need to see passage of Bill 203 as swiftly as possible to avoid it dying on the Order Paper. In collaboration with the Communications and Marketing team, Advocis GR reached out to FP Canada for their support to co-author a letter to all MLAs encouraging them to pass the Bill as soon as possible. We were pleased that they agreed to do so. Those efforts paid off. In July, Bill 203 passed the legislature unanimously and received Royal Assent. Saskatchewan’s legislation is a major accomplishment, but much work lies ahead. Indeed, many details will be determined through regulation and with the expertise of, and implemented by, the Financial and Consumer Affairs Authority of Saskatchewan (FCAA).
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