Ontario’s 2014 Budget includes a priority statement targeting financial advisors.
“The 2013 Ontario Economic Outlook and Fiscal Review acknowledged that many individuals rely on financial advisors, including financial planners, when making savings and investment decisions. The extent of this reliance may pose a concern since financial planning in Ontario is not currently subject to general regulatory oversight.
“In light of this potential regulatory gap, the government committed to investigate the merits of, and possible options for, proceeding with more tailored regulation, and consulted with industry stakeholders in January 2014. However, no consensus emerged on the appropriate regulatory framework.
“The Minister will appoint an expert committee to consider more thoroughly possible policy alternatives for more tailored regulation and to develop recommendations.”
The Financial Planning Standards Council (FPSC) issued a statement welcoming the decision. “FPSC is encouraged by the government’s intention to move forward in investigating the need for tailored regulation of financial planners,” said Cary List, FPSC president and CEO.
Advocis president and CEO Greg Pollock also applauded the decisions. “This is a positive development and is consistent with what Advocis has been promoting. It supports Advocis’s own initiative to enhance professionalism in the provision of financial advice, and we are pleased the government is making this a priority for 2014,” he said.