Protecting consumers through higher standards
Consumers should be able to count on professionalism and accountability from their advisors. Unfortunately, they can't. The reality is that almost anyone can hold themselves out to the public as a financial advisor or planner.
Advocis's professions model calls for the title "financial advisor" to be strictly regulated, and for all titleholders to be required to belong to a recognized professional association.
Under the professions model, advisors and planners would be required to:
- meet initial and ongoing proficiency standards;
- satisfy strict continuing education requirements;
- adhere to a code of professional and ethical conduct; and
- maintain appropriate levels of errors and omissions insurance.
Raise the Professional Bar Client Communication
Certain regulatory ideas currently being floated could forever change the advisor-client relationship and reduce access to financial advice, especially for those who need help the most.
"Raising the Professional Bar" video
Join Advocis president & CEO Greg Pollock for information about how the Professions Model would enhance consumer protection and increase public trust and confidence in advisors as professionals.
Bill 157 – Financial Advisors Act, 2014
The Financial Advisors Act, 2014, was introduced in the Ontario legislature. Please review answers to some of the questions about Bill 157.