Compliance News (June 2022)
In this issue:
- Title Protection
- Market Conduct Framework
- FSRA CE Penalties
Title Protection
As many of you are aware there are now 4 Credentialing Bodies FSRA has recognized for title protection. Currently, Advocis and CIFP (Canadian Institute of Financial Planning) are the only available Credentialing Bodies with the Advisor title. Each of the 4 credentialing bodies provide Planner titles.
Click here for FSRA’s approved credentialing bodies and credentials.
Market Conduct Framework
FSRAO published earlier this spring the Market Conduct: Life and Health Insurance Agent Supervision Framework. Using a risk-based approach the framework consists of life agent risk profiling, examinations, communications and enforcement actions, and reporting. Expect more proactive examinations on life agents in 2022-23.
Click here to read the report.
FSRA CE penalties
Recently advisors with incomplete CE credit for the reporting period have received AMP (Administrative monetary penalty) for the infraction. We are aware of specifics for only one, in the thousands of dollars. Please ensure you have enough CE credits at time of renewal and can show name of provider, name of course, course date, and amount of credits.