Released on December 2, 2019
The Government of Saskatchewan has introduced The Financial Planners and Financial Advisors Act to regulate who can use the titles of “financial planner” and “financial advisor.”
There are currently no restrictions on persons using the titles in Saskatchewan.
“This legislation will protect consumers and investors by ensuring that persons using these titles have the appropriate credentials and education,” Justice Minister and Attorney General Don Morgan said. “Regulating these titles will recognize the significant knowledge and skills of financial planners and financial advisors, and ensure these titles are only used by qualified individuals.”
The definition of “financial planner” or “financial advisor” will be set out in the regulations.
The legislation will require anyone wanting to use the titles to hold the appropriate credentials from an approved credentialing body.
Saskatchewan will work with industry to develop the credential requirements in the regulations. The Financial and Consumer Affairs Authority will approve credentialing bodies and will also approve the credentials offered by those credentialing bodies.
Our Act is modelled on legislation passed in Ontario in May 2019.
Implementing legislation similar to The Financial Professionals Title Protection Act, 2019 in Ontario will allow for consistency between jurisdictions and reduce the risk of duplicate or differing credentialing requirements for industry members.
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