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
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