This page will be updated to explain any new information to support CFP professionals and QAFP professionals, students and candidates throughout this transition. Check back regularly for more information.
On March 23, 2022, the Honourable Peter Bethlenfalvy, Ontario’s Minister of Finance, approved the Financial Services Regulatory Authority of Ontario’s (FSRA) Financial Professionals Title Protection Rule. The Rule, and related guidance, came into effect when the Financial Professionals Title Protection Act, 2019 was proclaimed into force on March 28, 2022.
This legislation creates minimum standards for individuals using the Financial Planner and Financial Advisor titles, so that consumers can have confidence that the individual they are dealing with has a minimum standard of education, is being actively supervised by an approved credentialing body and is subject to ethics requirements and a complaints and discipline process. Only individuals who hold a credential that has been approved by FSRA as a Financial Planner credential may use the Financial Planner title (or a restricted variation), and only individuals who hold a credential that has been approved by FSRA as a Financial Advisor credential may use the Financial Advisor title (or a restricted variation).
Canadians who work with CFP® professionals and QAFP™ professionals have the confidence of knowing their financial planners have demonstrated the knowledge, skills, experience and ethics to provide the holistic financial planning advice they need. All Canadians deserve to have this level of confidence when working with a financial planner
FP Canada™ has been approved by FSRA as a credentialing body under the framework, and both CFP certification and QAFP certification have been approved as Financial Planner credentials for use of the Financial Planner title.
This page provides details on what this new legislation means for CFP professionals, QAFP professionals, aspiring financial planners, consumers and other industry partners.
Read our News Release
Learn more about the Financial Professionals Title Protection Rule and related Guidance on FSRA’s website
Learn about the transition rules on FSRA’s website
Backgrounder: Financial Professional Title Protection in Ontario (fsrao.ca)
Learn more about becoming a financial planner
Read our article explaining what this means for consumers
In accordance with the Financial Professionals Title Protection Act¸ 2019, only individuals who hold an approved credential from an approved credentialing body are permitted to use the titles associated with the approved credential (either a Financial Planner or Financial Advisor credential).
FP Canada has been approved by FSRA as a credentialing body, and both CFP certification and QAFP certification have been approved by FSRA as Financial Planner credentials.
Accordingly, all CFP professionals and QAFP professionals are permitted to use the newly regulated “Financial Planner” title and any of the following “restricted variations” of the Financial Planner title, which have likewise been restricted by FSRA to individuals who hold an approved Financial Planner credential:
FSRA has asserted that all credential holders with a “nexus to Ontario” are included in the scope of the title protection framework. Working with FSRA for clarity purposes, a “nexus to Ontario” can be considered to exist if the credential holder:
Notwithstanding the transition period (outlined below), FSRA has indicated that they expect oversight of credentialing bodies to commence when a credentialing body is approved. Through the approved credentialing bodies, the oversight over credential holders under the title protection framework will start at this moment as well.
For FP Canada and CFP professionals and QAFP professionals, that date is April 11, which was the date of FP Canada’s approval as a credentialing body, and approval of CFP certification and QAFP certification as Financial Planner credentials, under the framework.
No. The Financial Professionals Title Protection Act regulates who has permission to use the titles Financial Planner and Financial Advisor; it does not compel their use. Therefore, just because you hold an approved Financial Planner credential (i.e. CFP certification or QAFP certification), it does not mean you must use that corresponding title.
However, given the consumer awareness campaigns beginning in the fall that will focus on the consumer protection benefits associated with regulated Financial Planner title we are strongly encouraging all CFP professionals and QAFP professionals to use one of the regulated titles.
This will make it easier for consumers to identify that you have the knowledge, skills, experience and ethics to provide the holistic financial planning advice they need.
No. Provided you maintain your CFP certification or QAFP certification in good standing, you do not need to take any action as a result of FSRA’s title protection framework.
No. CFP certification and QAFP certification have been approved as Financial Planner credentials.
Only individuals who hold an approved Financial Advisor credential may use the Financial Advisor title, or one of the following restricted variations of the Financial Advisor title:
Therefore, unless you also hold a credential that has been approved by FSRA as a Financial Advisor credential, you cannot use the Financial Advisor title (or a restricted variation).
Unless you also hold a credential that has been approved by FSRA as a Financial Advisor credential, you will need to change your title, in accordance with FSRA’s transition rules.
Per FSRA’s transition rules, if you are a CFP professional or QAFP professional who was using the Financial Advisor title (or a restricted variation) on or before January 1, 2020, you may continue to use that title for two years from the date the legislation came into force (March 28, 2022). After that, you will either need to obtain an FSRA-approved Financial Advisor credential to continue using the title, or change your title to Financial Planner or another title that is not restricted by FSRA’s title protection framework.
Per FSRA’s transition rules, if you are a CFP professional or QAFP professional who started using the Financial Advisor title after January 1, 2020, you are only permitted to use the title once you hold an approved designation or license from a FSRA-approved credentialing body. You may change your title to Financial Planner or another title that is not restricted by FSRA’s title protection framework.
The Financial Professionals Title Protection Act, 2019, specifically restricts the titles Financial Planner and Financial Advisor (and the variations of each identified above). It does not restrict the use of any other titles. Therefore, anyone using any other title is not required to change that title or take any other action as a result of FSRA’s title protection framework.
CFP professionals and QAFP professionals may wish to voluntarily switch to using the regulated Financial Planner title to communicate their value to consumers and validate their education and expertise.
Once you obtain your CFP certification or QAFP certification you will immediately be permitted to use the Financial Planner title (or a restricted variation).
Until then, FSRA has set transition rules for the new framework that include rules for individuals who do not yet hold an approved Financial Planner credential, the core elements of which are as follows:
FSRA has published a dedicated page for transition information online at: www.fsrao.ca/industry/financial-planners-and-financial-advisors/transition
FSRA has also created the following transition chart to help practitioners understand the implementation of the new framework:
FP Canada has also developed the following scenarios to help you understand the implementation of the new framework.
Transition Scenarios for CFP Professionals and QAFP Professionals
Transition Scenarios for Students and Candidates on the Path to CFP Certification or QAFP Certification
Yes. Individuals who hold an approved credential are permitted to use abbreviations and translations in French and other languages of the Financial Planner title.
The Financial Professionals Title Protection Act, 2019, regulates who has permission to use the Financial Planner and Financial Advisor titles; it does not compel their use.
Therefore, while employers may wish to embrace these titles given the value to consumers, they are not required to use these titles, or allow their use internally.
Going forward, FP Canada will work diligently to promote the value of the Financial Planner title to industry firms for the benefit of consumer clarity.
The financial professionals fee structure has been designed based on the estimated resources required to fulfill FSRA’s regulatory requirements under the FSRA Act, while enabling FSRA’s continued transformation into a principles-based, independent and transparent regulator through its priorities and operating activities.
Similar to other sectors regulated by FSRA, costs associated with FSRA’s regulatory oversight of the financial professionals sector must be recovered from the sector now that regulation has commenced.
Accordingly, there will be a mandatory fee to cover FSRA’s oversight that will be passed on to credential holders.
FSRA has published a Fee Rule detailing assessments and fees associated with the title protection framework. Please see: Amended FSRA Fee Rule
FSRA and credentialing bodies are still in the early stages of the fee assessment process and there needs to be greater understanding of the pool of credentialing bodies and associated credential holders that FSRA will be assessing for cost recovery purposes.
While FSRA has developed fee formulas it will use to assess fees, the fee amounts associated with the new framework will ultimately depend on the number of credentialing bodies that apply for approval under the framework.
The assessment for the first year is still being finalized by FSRA.