Ontario is seeking public feedback on recommendations to help consumers access quality, professional financial planning and advice.
The Expert Committee to consider Financial Advisory and Financial Planning Policy Alternatives has issued a report outlining preliminary recommendations, including:
- Regulating individuals who serve as financial planners and advisors
- Harmonizing industry education, credentialing, licensing and titling standards
- Establishing clear rules to protect consumers and mitigate the risk of conflict of interest
Starting today, Ontarians can provide feedback on the expert committees recommendations by:
- Attending one of the public town hall meetings being held across the province
The committee will use the feedback to finalize its recommendations to government, which are expected this fall.
Protecting consumers and strengthening the financial services sector is part of the governments economic plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs. The four-part plan includes investing in talent and skills, including helping more people get and create the jobs of the future by expanding access to high-quality college and university education. The plan is making the largest investment in public infrastructure in Ontarios history and investing in a low-carbon economy driven by innovative, high-growth, export-oriented businesses. The plan is also helping working Ontarians achieve a more secure retirement.
- The financial services sector, including financial planning and advising, is critical to Ontario's economic prosperity. In 2015, the sector accounted for 390,000 jobs across the province, generating almost 10 per cent of Ontario's GDP.
- The Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives was established in 2015.
- Ontario recently proposed changes that will help credit unions and caisses populaires remain competitive and better serve individuals, communities and businesses.
- The final report by an expert advisory panel reviewing the mandates of the Financial Services Commission of Ontario, the Financial Services Tribunal and the Deposit Insurance Corporation of Ontario with the goal of modernizing the regulation of financial services and pension plans and increasing agency accountability, is due to be released this spring.
- Ontario Launches Consultation on Financial Planning and Financial Advice
- Strengthening the Financial Services Sector
- Ontario to Review Key Financial Regulatory Agencies