Toronto, March 1, 2024 /CNW/ – in ontario The Financial Services Regulatory Authority (FSRA) is launching an education campaign to encourage all consumers to check the credentials of anyone they take financial advice from.
FSRA is making it easier for consumers to do this through a new online tool. The Verify Credentials tool helps individuals confirm whether a financial professional holds the necessary credentials to use the title Financial Planner or Financial Advisor (or similar) in Ontario . These designations indicate that professionals have met minimum educational standards, are supervised, and adhere to a code of conduct.
“In many cases, people entrust their savings to financial professionals, and they need to ensure that these individuals are properly trained and supervised,” said Houston Rourke, FSRA's executive vice president of market conduct. I look forward to it.” “We encourage consumers to verify their credentials and are making it easy to do so through our new credential verification tool.”
According to research conducted by FSRA, consumers may not be spending enough time searching for qualified financial professionals or verifying their credentials. Her 50% of respondents spent more time researching their last purchased mobile phone than financial professionals.
In less time than it takes to order groceries online, consumers can determine whether their financial planner, financial advisor, or someone with a similar title has the appropriate qualifications to use that title. You can tell if it's good or not. and whether any disciplinary action was taken against them. Similar job titles include Financial Wealth Planner and Financial Investment Advisor.
Alongside the tools, FSRA encourages consumers to ask financial professionals questions to see if they meet their specific needs. This may include questions about your education and qualifications, the services you provide, and the products you sell. Visit Verify Credentials to access the Verify Credentials tool to learn more and ask questions.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial security, fairness, and choice for all. For more information, please visit www.fsrao.ca.
Media inquiries:
Russ Courtney
Senior Media Relations and Digital Officer
financial services regulator
C: 437-225-8551
Email: russ.courtney@fsrao.ca
Source: Financial Services Regulatory Authority Ontario
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2024/01/c7989.html
