In a joint submission, the Investment Industry Association of Canada (IIAC) and the Investment Funds Institute of Canada (IFIC) have called on the Ontario government to pass legislation that would regulate all financial planners.
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.
The IIAC/IFIC have called on the Ontario government to establish common standards for those individuals providing comprehensive financial plans to clients and/or using the title “financial planner” (or a similar title). The investment industry associations have also asked the government of Ontario to work with other provinces and territories to harmonize regulation of financial planners across all Canadian jurisdictions.
Additional details regarding our proposals are available in our submission. For the IIAC/IFIC joint news release, please click here.