FPSC, ICBC to share info on disciplinary actions

Financial Planning Standards Council (FPSC) and Insurance Council of British Columbia (ICBC) have signed a Memorandum of Understanding (MOU) to provide more effective oversight and strengthen consumer protection in Ontario and British Columbia.

Read: IIROC and FSCO to share info on rule-breakers

Under the MOU, FPSC and the ICBC will share information about upcoming hearings and disciplinary outcomes involving individuals who are dually certified and licensed by FPSC and the ICBC, respectively. In addition, in certain circumstances, FPSC and ICBC may share information about specific complaints received. The two organizations will also inform complainants about each other’s mandate where appropriate, thereby assisting consumers in having their concerns heard and resolved.

Among other collaborative actions, ICBC will be reporting trademark violations to FPSC, as well as insurance license suspensions, which constitute a presumptive bar to continued or new certification from FPSC.

Also read:

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.