In its new budget, the
Ontario government has created a framework that will hopefully
give consumers more guidance about the credentials of financial
professionals. There seems to be no dispute that consumers do not
generally understand the various titles used by financial
professionals. Various organizations have expressed concern that
anyone, regardless of their knowledge or experience, could offer
their services as a financial advisor or planner. Members of the
public, not realizing that these titles are not regulated, would
implicitly trust and take advice from these advisors without any
investigation of their qualifications.
Bill 100, which received Royal Assent on May 29, 2019, amongst
other things, is aimed at correcting this problem by creating the
Financial Professionals Title Protection Act
("the Act").
