New Brunswick has taken an important step in establishing protection for the titles “financial advisor” and “financial planner.”
On Wednesday the government introduced Bill 29, Financial Advisors and Financial Planners Title Protection Act, after first consulting on title protection in 2021.
Bill 29 includes potential administrative penalties for using a restricted title without a required credential or otherwise contravening the act — $10,000 for individuals and $25,000 for non-individuals.
Bills require three separate readings before being passed, and a further step will be consulting on proposed rules based on the passed act.
Ontario passed the Financial Professionals Title Protection Act in 2019, and consulted on rules in 2020 and 2021. Final rules came into effect in March 2022, and a transition period is in place in the province until March 2024 for financial advisors and March 2026 for financial planners. The Financial Services Regulatory Authority of Ontario can issue compliance orders for non-compliance.
Saskatchewan passed similar legislation in 2020, and a consultation on proposed rules ended last September.
Quebec has regulated the financial planner title and restricted others since 1998.