The Ontario Securities Commission’s proposed financial planning proficiency rule is still on track for implementation early next year. However, the process of releasing a revised version of the rule for comment is falling behind schedule.

Julia Dublin, senior counsel with the OSC, who is in charge of the project says that the revised rule will not be out for comment until the end of July at the earliest. The commission had hoped to get a revised rule out for comment by the end of June. The rule is scheduled to take effect next February.

Dublin says, “FSCO and the OSC have not yet completed the current round of consultations with interested parties. We expect to sit down next week with an industry group representing several stakeholders who are particularly interested in the rule to discuss how their general concerns might be specifically reflected in the draft without compromising our original investor protection goals.”

The rule, would require registrants who wish to call themselves “financial planners”, or some similar name, to meet minimum proficiency requirements. Those requirements, the provision of qualifying education, and the administration of the system have proved controversial with industry groups ranging from the Investment Dealers Association to the Financial Planners Standards Council.

“When the consultation process is complete, we plan to prepare and submit a revised draft rule to the Minister for review. We are currently aiming for the end of July,” says Dublin, although she indicates that the timetable may be optimistic.