July 30, 2021

Public Feedback Wanted on Financial Planners and Financial Advisors Regulations

The Financial and Consumer Affairs Authority (FCAA) is seeking input from consumers, investors and stakeholders about proposed regulations for The Financial Planners and Financial Advisors Act (Act).

The Act received royal assent in 2020 and it limits the use of the titles "Financial Planner" or "Financial Advisor" to persons that hold credentials that have been approved in accordance with the legislation.

The proposed regulations aim to establish minimum standards for use of the "Financial Planner" and "Financial Advisor" titles, so that consumers and investors can have confidence that the persons using these titles hold appropriate credentials.  A credentialing body ensures these persons conduct themselves appropriately when providing financial planning or financial advisory services.

The consultation closes October 1, 2021.

Key issues for discussion include:

  • Approval criteria for Credentialing Bodies;
  • Approval criteria for "Financial Planner" and "Financial Advisor" credentials;
  • Disclosure requirements;
  • Transition timing;
  • Exemptions and challenging examinations; and,
  • Other confusing titles.

Interested parties are invited to make written representations with respect to the proposed regulations.  Submissions received by October 1, 2021 will be considered. Responses can be submitted by email via [email protected], or by mail to: Insurance and Real Estate Division, Suite 601, 1919 Saskatchewan Drive, Regina, SK S4P 4H2.

For more information about the financial planner and financial advisor regulations consultation, visit https://fcaa.gov.sk.ca/whats-new/consultations/insurance-and-real-estate-consultation-papers.