The Financial Planning Standards Council (FPSC) and the Insurance Council of British Columbia (ICBC) have signed a memorandum of understanding (MOU) to share information about their respective enforcement efforts, the organizations announced Wednesday.
The MOU will see the two organizations share information about upcoming disciplinary hearings, and the results of cases that involve individuals who are dually certified and licensed by FPSC and the ICBC
Among other things, the ICBC will report insurance license suspensions to the FPSC, and any improper uses of the Certified Financial Planner (CFP) trademark. The organizations may also share information about specific complaints.
“This timely, co-operative sharing of information between our two organizations will enable each to strengthen consumer protection in both Ontario and BC,” says Cary List, president and CEO of the FPSC in a statement announcing the deal.
This latest arrangement follows other recent efforts by authorities in different sectors of the financial industry seeking to close gaps in oversight, such as an information-sharing deal between the Investment Industry Regulatory Organization of Canada (IIROC) and the Financial Services Commission of Ontario (FSCO) that was announced earlier this year.