With Ontario’s title protection in effect for more than three years but no recent action on title protection from other provinces, the Financial Services Regulatory Authority of Ontario (FSRA) says it continues to work on harmonization.
“FSRA is actively working with other Canadian jurisdictions to explore harmonizing title protection for financial planners and financial advisors,” the regulator said in an emailed statement on Monday.
The regulator’s statement was in response to a query about whether it was working with other provinces on harmonization, given that such work isn’t mentioned in its business plan for 2025–28, released on Friday.
The regulator is prioritizing the “effectiveness” of the title protection framework by continuing to build on FSRA’s supervision activities to “monitor and supervise credentialing bodies’ operations,” the report says.
That priority aligns with FSRA’s responsibilities under title protection. However, in its 2024–27 business plan, FSRA had committed to publishing a report evaluating title protection and exploring “possible future enhancements.” That report hasn’t been produced, although FSRA had expected to publish it in March 2025. The business plan had also included working with other Canadian jurisdictions to implement similar title protection frameworks.
Ontario’s title protection has been criticized for its multiple credentials and, when it comes to the “financial advisor” title, its product-based approach. FSRA officially approved the Canadian Investment Regulatory Organization (CIRO) as a credentialing body in 2024, meaning all registered representatives and mutual fund dealing representatives can call themselves financial advisors — although FSRA’s approval also effectively leveraged CIRO’s enforcement powers.
Speaking at Advocis’ annual symposium in March in Toronto as part of a regulatory panel, Huston Loke, then executive vice-president of market conduct regulation with FSRA, said the regulator received input that the “proficiency standard needs to go up,” as do standards for conduct and credentialing bodies’ disciplinary processes. FSRA had prioritized discussions with other jurisdictions, Loke said, ahead of making any changes to Ontario’s regime.
Loke stepped down from his position in July and was replaced by Antoinette Leung. FSRA CEO Dexter John has been in his position since March.
Meanwhile, harmonization has remained in a holding pattern. Saskatchewan’s title protection includes expanded education requirements for financial advisors, related to financial planning. But those rules have been in draft form for more than three years. New Brunswick’s draft rules were published more than 18 months ago, and in the provincial regulator’s latest annual report, it simply describes title protection as “ongoing.” A consultation in Manitoba on whether to adopt title regulation legislation was completed two years ago, with no action since.
“Together with regulators in Saskatchewan, New Brunswick and Manitoba, FSRA has established a cross-jurisdictional working group to discuss potential harmonization opportunities,” the regulator’s emailed statement on Monday said. “This will support greater clarity and confidence for consumers by aligning title usage and credentialing requirements nationally.”
FSRA’s priorities in life and health sector
In the life and health insurance sector, one of the regulator’s 2025–26 priorities is strengthening market conduct regulation and supervision of intermediaries, including managing general agents (MGAs).
FSRA will focus on developing a rule related to the regulatory framework that holds intermediaries in the life and health insurance sector to the same standard of business conduct and clarifies the obligations of insurers, MGAs and sales agents, the report says.
Consumers should “receive the same protections whether they acquire insurance from agents who work directly for an insurer, or from agents who are contracted by an MGA,” it says.
FSRA will also continue to monitor and supervise the sector to “promote high standards of conduct,” it says.
The second priority in the life and health insurance sector is finalizing the total cost reporting rule for segregated funds.