The Globe and Mail reports in its Thursday edition that the Ontario government wants stricter regulations for financial planners in the province, including increased oversight of qualifications and training for advisers.
The Globe's Clare O'Hara quotes Finance Minister Vic Fedeli as saying that the government wants to ensure "consumer confidence in financial advice," citing the lack of regulations in the wealth management industry for financial planners and advisers. Of chief concern, he says, is the financial illiteracy of many investors, putting consumers at risk of receiving guidance from inadequately trained professionals.
Despite new rules that require more transparency around investment fees and performance, consumer complaints about investments have not declined.
The top grievances include complaints about equities, mutual funds, suitability of investment products and fee disclosure.
Outside Quebec, anyone in Canada can call themselves a financial planner -- regardless of certification, designation or educational background.
Ontario's previous Liberal government proposed to restrict the use of the title "financial planner" to individuals with a recognized financial planning credential.
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