TORONTO, ON – July 20, 2023 – Advocis congratulates the Government of New Brunswick on passing the Financial Advisors and Financial Planners Title Protection Act. The legislation, which aims at protecting consumers obtaining financial services, received Royal Assent on June 16. The Act establishes minimum standards to utilize the titles “Financial Advisor” or “Financial Planner”, ensuring only qualified individuals with appropriate credentials are entrusted with the financial wellbeing of New Brunswickers.
“The Government of New Brunswick has taken a significant step forward in consumer protection with this legislation,” said Greg Pollock, President & CEO of Advocis. “Individuals, families, and businesses can now feel confident they will receive a high standard of service and professionalism when seeking a Financial Advisor or Financial Planner to entrust with their financial future.”
The Act empowers the province’s financial services regulator – the Financial and Consumer Services Commission of New Brunswick (FCNB) – to ensure that Financial Advisors and Financial Planners obtain their credentials through an approved credentialing body. New Brunswick is now aligned with Ontario and Saskatchewan, who have passed similar title protection legislation in recent years.
“With Ontario, Saskatchewan, and now New Brunswick enacting Title Protection legislation, we are witnessing a movement across Canada to hold financial advisory services to the highest standard,” Pollock adds. “We thank our members for their continuous efforts in bringing local dimension to the discussion with New Brunswick policymakers. We are committed to continuing our advocacy efforts with the New Brunswick government and the FCNB as they work to develop the title protection framework.”
Advocis, The Financial Advisors Association of Canada, is the largest voluntary professional membership association of financial advisors in Canada, representing more than 17,000 member-clients and 40 Chapters across the country. Advocis offers designations, continuing education opportunities, industry-leading publications, and membership in a chapter network with mentorship programs, study groups, and practice development resources.
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Lucas Di Rocco
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Advocis, The Financial Advisors Association of Canada