(March 29 – 14:30 ET) – “The Canadian Securities Administrators is inviting advisors across the country to take part in a pilot test,” says David Brown, chairman of the Ontario Securities Commission.
The pilot test is a prototype of the Financial Planning Proficiency Exam being developed by the CSA as part of its program to regulate advisors representing themselves as offering financial services.
Brown told advisors attending the Ontario Sales Congress of the Canadian Association of Insurance and Financial Advisors in Toronto, today, that the pilot test will take place in late May, early June. “We’re looking to determine correlation between test results and capability of providing good financial planning advice.”
Brown also addressed the grandfathering provisions under proposed CSA regulation. He said that the CSA is not grandfathering designations. “We’re grandfathering successful completion of courses of study…What we will want to know is what course you have completed to obtain the designation because it is a completed course that determines grand-fathering status.”
Brown promises that a list of those courses will be available in the near future. The full text of Brown’s speech should be available soon on the OSC’s website
-IE Staff