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FPSC Comments on the proposed new CSA Rule regulating financial planners

April 11, 2001

To All CFP professionals:

Subject: Ontario Finance Minister rejects financial planning rule as currently written

As FPSC President Don Johnston promised in the Summer 2001 CFP Report, the Ontario Ministry of Finance has "heard" our concerns about the Ontario Securities Commission (OSC) draft Rule governing financial planning proficiency standards. If it had been approved, the Rule as currently written would have been implemented in Ontario, February 15, 2002. Saskatchewan and Newfoundland may have followed suit. However, Ontario Finance Minister Jim Flaherty has returned the Rule to the OSC for further review to be conducted in consultation with all major stakeholders.

Don Johnston met with Deputy Finance Minister Bob Christie on March 22 to express our concerns about a new regime designed to protect the public from unqualified financial planners that would not recognize the CFP designation attained after 2003 as sufficient proof of competency.

As you know, none of you would have been required to ever do anything more to meet the requirements of the Rule as currently written. However, we could not accept that any CFP professional, no matter when the designation was attained, would ever be required to write a regulatory examination to prove all over again proficiency in financial planning.

The private sector initiative of setting and monitoring adherence to professional standards of competency and ethical behaviour that protect the public and form the foundation for a developing profession must be recognized by regulators in Ontario, as it has in most parts of Canada and the world.

We very much look forward to cooperating with the OSC and all other provincial securities and insurance regulators in moving forward on this important initiative.

Ann Bowman
Director of Communications