The Financial Services Regulatory Authority of Ontario (FSRA) has approved the Canadian Institute of Financial Planning’s (CIFP) Chartered Financial Planner designation as a credential for financial planner title use in the province.
Huston Loke, executive vice president of market conduct at FSRA, pointed out the importance of the new credential: “By approving another credential, we are providing individuals and families with more choice when seeking the assistance of a qualified financial professional.
“Consumers can also have confidence that the individual they are dealing with has a minimum standard of education, is being actively supervised by an approved credentialing body, and is subject to a complaints and discipline process.”
Meanwhile, CIFP made a clarification regarding the new designation.
“In our commitment to clarity and distinction within the Canadian financial services marketplace, we’ve made a deliberate decision not to introduce an acronym for the Chartered Financial Planner designation at this time,” CIFP stated.
“Our aim is to re-establish and emphasize the full significance of the Chartered Financial Planner title, ensuring it stands out as a hallmark of excellence and professionalism in the industry. By doing so, we strive to reinforce the value and prestige of the designation, making it easily recognizable and respected among professionals and the public alike.”
To attain full certification, prospectives must complete both educational and non-educational components, including the CIFP Chartered Financial Planner program of study.
CIFP president and chief executive Keith Costello commented: “This is a positive development as the Chartered Financial Planner designation will enable more financial planners to meet the holistic financial advice needs of Ontario’s consumers.
“CIFP commends FSRA for their continued efforts to ensure that consumers across the province have access to sound financial advice.”
According to FSRA, it has approved five credentialing bodies and 14 credentials under its Title Protection Framework.
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