Saskatchewan regulator opens consultations for financial planner and advisor regulations

Proposed regulations to set minimum standards for using these titles and give consumers confidence

Saskatchewan regulator opens consultations for financial planner and advisor regulations

The Financial and Consumer Affairs Authority of Saskatchewan is seeking feedback from consumers, investors and stakeholders regarding proposed regulations for the Financial Planners and Financial Advisors Act (Act), with the consultation period closing on Oct. 1.

The Financial Planners and Financial Advisors Act, which received royal assent last year, restricts the use of the titles “financial planner” or “financial advisor” to those who hold credentials approved pursuant to the legislation.

The proposed regulations seek to set consistent minimum standards for using these titles, to provide consumers and investors with the confidence that these titles mean that someone has the needed credentials and to ensure that persons using these titles act appropriately when offering financial planning or financial advisory services, said a news release.

The proposed regulations cover the following:

  • approval criteria for credentialing bodies, which will promote the effective administration of credentialing programs;
  • approval criteria for “financial planner” and “financial advisor” credentials;
  • the application process for obtaining approvals;
  • disclosure requirements;
  • the transition period for those already using such titles;
  • exemptions and challenging examinations;
  • other confusing titles.

The Financial and Consumer Affairs Authority, Saskatchewan’s financial and consumer marketplace regulator, intends for the new title protection framework to create minimum standards for title usage while protecting consumers and investors and refraining from imposing unnecessary regulatory burden on title users. Individual title users will need to abide by the conduct requirements and by the professional standards determined by their credentialing bodies.

The framework aligns with the legislation’s statutory objectives and with the principles of consumer confidence and regulatory effectiveness and efficiency. The regulator will advance consumer confidence by identifying when someone is using a title without the needed authority and by taking enforcement action. As for regulatory effectiveness and efficiency, the regulator plans to leverage the existing regimes for granting and supervising financial planning and financial advising designations and licences when it implements the framework.

Interested individuals may send their written submissions via email or regular mail. The regulator may develop and publish related guidelines and bulletins if there are additional details to address.

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