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FPSC Welcomes Ontario's Continued Interest in Need for Tailored Regulation of Financial Planning

Increased clarity would protect consumers

TORONTO, ONTARIO -- (Marketwired) -- 07/14/14 -- Financial Planning Standards Council (FPSC) welcomes the Ontario government's continued interest in the need for tailored regulation of financial planners, as identified in today's reintroduced budget.

The government renewed its commitment to set up an expert committee that will further study the merits of tailored regulation of financial planners and provide the government with options if regulation is required.

"FPSC is encouraged by the government's intention to move forward in investigating the need for tailored regulation of financial planners," says Cary List, FPSC President & CEO. "We look forward to offering our continued leadership and expertise on this subject in order to safeguard and enhance the financial well-being of all Ontarians."

Today's budget announcement comes following the Ontario Ministry of Finance initiative outlined in the 2013 Fall Economic Statement. The government held industry consultations on the subject in January 2014, which included recommendations from FPSC and its partners in the Coalition for Professional Standards for Financial Planners. The Coalition, whose members include Financial Planning Standards Council (FPSC), the Canadian Institute of Financial Planners (CIFPs), the Institute of Advanced Financial Planners (IAFP), and the Institut quebecois de planification financiere (IQPF), is seeking to ensure there are appropriate mandatory professional standards for financial planners to appropriately serve Canadians' financial planning needs.

As part of the consultations, the Coalition submitted a proposed framework for the official recognition of the financial planning profession based on standards already in place and accepted by more than 22,000 financial planners across Canada, more than 9,000 of whom are Ontario-based CFP professionals.

"Many of today's consumers are in precarious financial positions and should be able to rely on the expertise of a qualified professional planner to weather the storm," List says. "Yet in most Canadian provinces, including Ontario, there are no legislated competency or qualification requirements regarding who may call themselves financial planners."

"More than ever, clarity regarding the use of the financial planner title, the requisite level of competence and the corresponding professional qualifications and related obligations to clients are critical to protect consumers and to ensure they get the help they need from appropriately qualified individuals."

About Financial Planning Standards Council

Financial Planning Standards Council (FPSC) is a not-for-profit organization which develops, promotes and enforces professional standards in financial planning through Certified Financial Planner® certification. FPSC's purpose is to instill confidence in the financial planning profession. As a standards-setting and certification body, FPSC ensures CFP® professionals and FPSC Level 1(TM) Certificants in Financial Planning meet appropriate standards of competence and professionalism through rigorous requirements of education, examination, experience and ethics. More information is at www.fpsc.ca.

About CFP certification

CFP certification, long considered the gold standard in financial planning, provides assurance to Canadians that their financial planner has the necessary knowledge, skills, abilities and ethics for professional financial planning. There are more than 17,000 CFP professionals across Canada, part of a global community of over 150,000 worldwide. CFP professionals demonstrate their financial planning competence through extensive education; a rigorous, comprehensive national examination process; continuous professional development requirements; and accountability to FPSC for ethical conduct, standards of practice and competence. More information is at http://www.fpsc.ca/about-cfp-mark.

CFP®, Certified Financial Planner® and are certification trademarks owned outside the U.S. by Financial Planning Standards Board Ltd. (FPSB). Financial Planning Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB. All other ® are registered trademarks of FPSC, unless indicated. © 2014 Financial Planning Standards Council. All rights reserved.

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