PMAC supports the Ontario government’s recent efforts to address the regulatory gap in the financial space. But the association says it’s just the first step.
“We urge the Ontario government to work collaboratively with other provincial governments and securities regulators to ensure a national solution is considered and adopted,” says PMAC in its submission of recommendations to the committee on Financial Planning Policy Alternatives in Ontario.
Read: All financial planners should be regulated, says proposal
The association notes an additional regulator isn’t required. “Instead, we believe that a regulatory framework should be developed cooperatively amongst securities and insurance regulators, SROs and the Financial Planning Standards Council, and applied consistently across the country.”
PMAC lists the following in its summary of recommendations.
1. Canadian investors deserve the protections of a harmonized national policy solution to address financial planning — not only in Ontario.
2. Reform should be a staged process with priorities identified to:
- regulate titles and designations (first stage of reforms);
- examine and conduct analysis of the activities in financial planning and the regulatory framework to address the current gaps (second stage of reforms); and
- work collaboratively with the various provincial securities administrators, SROs and Financial Standards Planning Council to determine nature and scope of regulation and appropriate response (third stage of reforms).
3. Elevate education and public awareness of financial planning, including what it is and who can do it.