Ontario title protection legislation

In accordance with the Financial Professionals Title Protection Act, 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:

• Any variation in spelling or abbreviation of Financial Planner (e.g. FP)
• ________ Financial Planner (e.g. Senior Financial Planner, Qualified Financial Planner, etc.)
• Financial ________Planner (e.g. Financial Wealth Planner, Financial Investments Planner, etc.)
• Financial Planner _________ (e.g. Financial Planner Investments)
• Financial Planning _________ (Advisor, Adviser, Coach, Consultant, Counsellor, Guru, Manager, etc.)
• Any variation of the above titles in another language

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:

• Is principally resident in Ontario
• Has an office or other place of business in Ontario
• Provides financial planning and advising services to clients in Ontario
• Holds out to consumers in Ontario that they are a credential holder, regardless of whether the credential holder has a direct or indirect presence in Ontario. An indirect presence in Ontario includes communicating with actual or potential Ontario clients via mail, telephone, email or any other method.

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.

As consumer awareness of this regulation continues to grow, CFP professionals and QAFP professionals are encouraged to use the regulated titles to make it easier for consumers to identify that credential holders have demonstrated the necessary knowledge, skills, experience, and ethics to provide holistic financial planning advice.

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:

• Any variation of spelling or abbreviation of Financial Advisor (e.g. Financial Adviser, FA)
• ________ Financial Advisor (e.g. Senior Financial Advisor, Qualified Financial Advisor, etc.)
• Financial ________Advisor/Adviser (e.g. Financial Wealth Advisor/Adviser, Financial Investments Advisor/Adviser, etc.)
• Financial Advisor _________ (e.g. Financial Advisor Investments)
• Financial Advising ________ (Coach, Consultant, Counsellor, Guru, Manager, etc.)
• Any variation of the above titles in another language

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 a 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, specifically restricts the Financial Planner and Financial Advisor titles (and the variations of each identified above). The Act 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 qualifications 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:

• If you do not hold a Financial Planner credential, but were using the Financial Planner title (or a restricted variation) on or before January 1, 2020, you may continue to use the title for four years from the date the legislation came into force (March 28, 2022). After that, if you have not obtained your certification, you will no longer be permitted to use the Financial Planner title.
• If you do not hold a Financial Planner credential, and you were not using the Financial Planner title (or a restricted variation) on or before January 1, 2020, you are required to change your title effective immediately to another title that is not restricted by FSRA’s title protection framework.

FSRA has published a dedicated page for transition information online: 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

Scenario 1: I am a CFP professional or QAFP professional who uses the title Financial Planner (or a restricted variation).
Action Required to Comply with the Framework: None. You may continue to use your Financial Planner title (or a restricted variation) as long as you maintain your certification in good standing.

Scenario 2: I am a CFP professional or QAFP professional who uses the title Financial Advisor (or a restricted variation).

Action Required to Comply with the Framework: Unless you hold an approved Financial Advisor credential, one of the following may apply:

If you started using the title on or before January 1, 2020, you may continue using your title until March 28, 2024.

If you started using the title after January 1, 2020, you are only permitted to do so once you have obtained an approved Financial Advisor credential from a FSRA-approved credentialing body. You may alternatively use the Financial Planner title or any other title not restricted by FSRA’s title protection framework.

Scenario 3: I am a CFP professional or QAFP professional who uses a title other than Financial Planner, Financial Advisor, or a restricted variation of either.

Action Required to Comply with the Framework: None. The title protection framework speaks only to the use of the titles Financial Planner and Financial Advisor, and their restricted variations.

Scenario 4: I am a CFP professional or QAFP professional who does not work in a client-facing role.

Action Required to Comply with the Framework: None. Regardless of whether you work directly with clients, the title protection framework affords you permission to use the Financial Planner title (and restricted variations) because you are a CFP professional or QAFP professional. You are not required to use them, however.

Transition Scenarios for Students and Candidates on the Path to CFP Certification or QAFP Certification

Scenario 1: I am a student or candidate on the path to certification and currently use the Financial Planner title (or a restricted variation).

Action Required to Comply with the Framework: FSRA has developed transition rules for individuals currently working to obtain their Financial Planner credential:

If you started using the title on or before January 1, 2020, you may continue using your title until March 28, 2026.

If you started using the title after January 1, 2020, you are only permitted to do so once you have obtained an approved Financial

Planner credential from a FSRA-approved credentialing body. You may use any other title not restricted by FSRA’s title protection framework.

If you are successful in obtaining your CFP certification or QAFP certification, you are permitted to use the regulated Financial Planner title and any of the previously identified restricted variations of the Financial Planner title, which have likewise been restricted by FSRA to individuals who hold an approved Financial Planner credential.

Scenario 2: I am a student or candidate on the path to certification and currently use the Financial Advisor title (or a restricted variation).

Action Required to Comply with the Framework: Unless you hold an approved Financial Advisor credential, one of the following may apply:

If you started using the title on or before January 1, 2020, you may continue using your title until March 28, 2024.

If you started using the title after January 1, 2020, you are only permitted to do so once you hold an approved Financial Advisor credential from a FSRA-approved credentialing body. You may use any other title not restricted by FSRA’s title protection framework.

Scenario 3: I am a student or candidate on the path to certification and currently use a title other than Financial Planner, Financial Advisor, or a restricted variation of either.

Action Required to Comply with the Framework: You may continue to use your title in accordance with FSRA’s title protection framework.

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, 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.

Similar to other sectors regulated by FSRA, costs associated with FSRA’s regulatory oversight of the financial professionals sector must be recovered from the regulated sector. Accordingly, there is a mandatory fee to cover FSRA’s oversight that will be passed on to credential holders. The financial professionals fee structure has been designed based on the estimated resources required to fulfill FSRA’s regulatory requirements under the Financial Professionals Title Protection Act.

FSRA has published a Fee Rule detailing assessments and fees associated with the title protection framework. Please learn more by visiting the FSRA Fee Rule.

In accordance with the FSRA Fee Rule, FSRA uses a variable fee formula to calculate sector costs on an annual basis. These costs must be recovered wholly from the regulated sector. As such, fees will fluctuate from year to year based on FSRA’s oversight costs and expenditures for that year, and the pool of active credentialing bodies and credential holders that can be assessed for cost recovery purposes.

The FSRA fee FP Canada collects and remits from credential holders to FSRA is set based on the annual assessment FP Canada receives from FSRA.

As part of its oversight and administration of the Financial Professionals Title Protection Act, FSRA has committed to establishing a public registry of all individuals approved for use of the Financial Planner or Financial Advisor titles in Ontario.

The registry is intended to assist consumers in verifying that the financial advisor or financial planner they are considering or already working with holds an approved credential. The credentialing body from which the planner or advisor’s credential was obtained will also be displayed, and links to additional information on credential holders (which will be maintained by approved credentialing bodies) may also be available.

FSRA requires that all credential holders with a “nexus to Ontario” appear in the public registry.

For all CFP professionals and QAFP professionals who are subject to the title protection framework, FP Canada is required to share the following information with FSRA, which will, in turn, be displayed on the FSRA public registry:

• Your legal name
• Your certification (i.e., CFP certification or QAFP certification)
• Your certification status
• The date your certification was obtained
• Your employer (if any)
• Your business address (if any)
• Your disciplinary history with FP Canada (if any)
• Your business email (note: your email will not be displayed publicly on the FSRA registry)