TORONTO, Nov. 17, 2014 (GLOBE NEWSWIRE) -- Earlier today Finance Minister Charles Sousa announced that the Ontario government plans to continue down the path of improving standards within the financial advice industry. Specifically, the Minister stated his intention to appoint an expert committee tasked to look into more tailored regulation of financial advisors and financial planners. Over the next few months, the committee will develop a mandate in consultation with key stakeholders.
The mandate will include an analysis of relevant issues surrounding the profession, such as the sufficiency of regulatory frameworks; proficiency and education requirements; the use of multiple titles; consumer access to information and complaint registration; and potential conflicts of interest. Upon a comprehensive analysis of relevant issues, the committee will provide key recommendations and submit their final report to the Minister of Finance for review by early 2016.
Advocis applauds the Ontario government on their commitment to this important step in protecting consumers and welcomes the opportunity to be actively involved in the ongoing process. "We believe the best way to regulate financial advice professionals is through a focus on professional standards," said Advocis president and CEO Greg Pollock. "The holistic review of the regulation of all financial advisors, inclusive of financial planners has been an ongoing focus for us and was outlined in the Advocis consultation document released in early 2013."
Advocis, The Financial Advisors Association of Canada, is the association of choice for financial advisors and planners. With more than 11,000 members across the country, Advocis is the definitive voice of the profession, advocating for professionalism and consumer protection. Professional financial advisors and planners are critical to the economy, helping consumers make sound financial decisions that ultimately lead to greater financial stability and independence. Advocis works with decision-makers and the public, stressing the value of financial advice and striving for an environment in which all Canadians have access to the advice they need.
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CONTACT:Darlene Francis, Advocis
dfrancis@advocis.ca
416-342-9896