Ontario Launches Consultation on Financial Planning and Financial Advice
Province Seeks Feedback on Regulation of Service Providers
Ontario is reviewing the regulation of financial advisory and planning services to help Ontarians facing complex financial and investment decisions access quality, professional advice that serves their financial goals.
The province has released an Initial Consultation Document to inform the ongoing review of these services, and established the Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives. The Committee is seeking feedback on the current regulatory framework and the potential need for additional policy measures.
Ontarians can provide feedback online or in writing by August 31, 2015.
Strengthening the financial services sector and protecting consumers is part of the government's economic plan to build Ontario up. The four-part plan includes investing in people's talents and skills, making the largest investment in public infrastructure in Ontario's history, creating a dynamic, innovative environment where business thrives, and building a secure retirement savings plan.
- The Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives is an independent committee struck by Minister Sousa in April 2015 to review the regulation of financial advice and financial planning.
- Ontario’s financial services sector employs more than 380,000 people. In 2014, the sector created jobs almost twice as fast as the overall Ontario economy.
“We are constantly looking for ways to protect consumers and strengthen our financial services sector. While many financial services are regulated, financial advisory and financial planning activities are not subject to comprehensive regulatory oversight. The work of the Expert Committee will ensure that regulatory oversight is being properly applied to this important sector and that Ontarians are protected.”