The Financial Services Commission of Ontario says that it is on board with consultations to fine tune the financial planning proficiency rule.

On April 6, the Minister of Finance returned the Ontario Securities Commission’s rule for further consideration of the balance struck between compliance costs and investor protection. It is expected that FSCO will ask the minister to make a rule covering life agents in parallel with the OSC rule, due to take effect February 15, 2002.

FSCO says, “The return of the rule by the Minister of Finance has also prompted a review of the proposed regulatory amendment under the Insurance Act, similar in substance to the rule, that would be brought forward by [FSCO] in parallel with the rule.”

It says that in response to concerns outlined by the minister, the OSC and FSCO are proposing to consult jointly with interested parties in reconsideration of the clarity and scope of the title and services description word pools as well as the two-year experience requirement. The OSC and FSCO expect to share the results of the consultation and publish a revised version of the rule for comment in June.