The Globe and Mail reports in its Thursday, Oct. 22, edition that Canada's life-insurance industry is opposing a proposal by the Ontario government that would prevent people licensed to sell insurance from using the title "financial adviser" or "financial planner." The Globe's Clare O'Hara writes that in a prebudget submission to Ontario Finance Minister Rod Phillips, the Canadian Life and Health Insurance Association (CLHIA) is asking the province to re-examine the list of approved industry designations that would be included in new regulations on the use of professional titles in the financial services industry.
The proposed rule -- which is currently being drafted -- requires anyone in Ontario who wants to use the title "financial adviser" or "financial planner" to obtain certain credentials and remain in good standing.
Currently there is a wide array of titles and credentials used by individuals in Ontario's financial services marketplace, such as brokers, insurance agents, bank employees and staff at mutual fund dealers.
Last year, Ontario passed the Financial Professionals Title Protection Act to improve oversight of qualifications and credentials used in the financial services sector.
© 2021 Canjex Publishing Ltd. All rights reserved.