The Financial Advisors and Financial Planners Title Protection Act can increase clarity and protection for consumers seeking financial advice in New Brunswick
TORONTO, June 16, 2023 /CNW/ – Today, FP Canada applauded the Government of New Brunswick for moving forward with financial planner and financial advisor title protection legislation that improves clarity and protection for consumers seeking financial help in New Brunswick. With the passage of the Financial Advisors and Financial Planners Title Protection Act, the Government of New Brunswick is creating minimum standards for individuals using the titles “Financial Planner” and “Financial Advisor”, so that consumers can have confidence that the individuals they are dealing with are appropriately qualified, meet ethical standards, and are overseen and accountable for their professional conduct.
Specifically, the Act restricts use of the financial planner and financial advisor titles in New Brunswick to individuals who hold an approved financial planner or financial advisor credential, respectively, from a credentialing body that has been approved by the Financial and Consumer Services Commission of New Brunswick (FCNB) – the province’s financial and consumer services regulator. The Act is consistent with similar title protection legislation passed in Ontario and Saskatchewan in recent years and makes New Brunswick the fourth province (also including Quebec), to regulate use of the financial planner title.
“FP Canada commends the Government of New Brunswick for the passage of this important legislation,” said Tashia Batstone, President & CEO of FP Canada. “In light of the serious economic challenges facing Canadians today, including inflation and the rising cost of living, it’s critical to ensure consumers have access to qualified, trusted financial planning advice. With careful implementation, the Act can play an important role in ensuring consumers in New Brunswick know where to turn for the trusted, professional advice they need in this moment.”
FP Canada also commends the FCNB on the broad engagement and consultation that was taken to support the development of the Act. FP Canada has actively participated in the FCNB’s past consultations on this topic and looks forward to supporting FCNB and the Government of New Brunswick on the development of the Act’s supporting rules, regulations, and framework implementation details.
FP Canada expects to apply for approval as a credentialing body in New Brunswick, and for approval of Certified Financial Planner® certification and Qualified Associate Financial Planner™ certification as financial planner credentials. There are approximately 300 CFP® professionals and QAFP® professionals in New Brunswick today.
Established in 1995, FP Canada is a national not-for-profit education, certification, and professional oversight organization working in the public interest. FP Canada is dedicated to championing better financial wellness for all Canadians by leading the advancement of professional financial planning across the country. There are about 17,500 Certified Financial Planner® professionals and about 1,600 Qualified Associate Financial Planner™ professionals as at March 31, 2023, who are held to FP Canada’s rigorous professional and ethical standards. FP Canada is a FSRA-approved credentialing body, with CFP certification and QAFP® certification authorized for Financial Planner title use in Ontario. Visit the FP Canada website for more information.
SOURCE FP Canada