By James Langton
(March 28 – 15:40 ET) – The Financial Services Commission of Ontario confirms that it will be adopting the financial planning proficiency regime of the Ontario Securities Commission.
FSCO says that Ontario life insurance agents holding themselves out as financial planners “should be aware that FSCO will be recommending a regulatory amendment to the Insurance Act that would effectively restrict the use of the ‘financial planner’ title by those individuals.”
The OSC has already proposed its rule restricting the use of names implying the provision of financial planning, and FSCO says it will do the same for life agents.
As with the OSC proposal, the titles will be restricted to those agents who have satisfied the proficiency standards of:
- passing the Financial Planning Proficiency Examination sponsored by the Canadian Securities Administrators and insurance regulators;
- two years of insurance or securities industry experience in the last five years; and
- a commitment to an approved continuing education program.
Although the requirements of the proposed regulation would not come into effect until February 2002, the deadline for meeting the grandfathering provisions is March 31, 2001.
“If you are not already grandfathered, but would like to be, you should take action now and register for one of the qualifying programs by the March 31, 2001 deadline. The proposed regulation would continue to provide most of the specified exemptions from writing and passing the FPPE until March 2003.”