Financial Planning Standards Council (FPSC) says it welcomes the continued interest in Thursday’s Ontario budget of the need for tailored regulation of financial planners.

The Ontario government has committed to setting up an expert committee that will further study the merits of tailored regulation of financial planners and provide the government with options if regulation is required.

“FPSC is encouraged by the government’s intention to move forward in investigating the need for tailored regulation of financial planners,” says Cary List, FPSC president & CEO. “We look forward to offering our continued leadership and expertise on this subject in order to safeguard and enhance the financial well-being of all Ontarians.”

The budget announcement comes following the Ontario Ministry of Finance initiative to investigate the merits of proceeding with more tailored regulation of financial planners, outlined in the 2013 Fall Economic Statement. The government held industry consultations on the subject in January 2014, which included recommendations from FPSC and its partners in the Coalition for Professional Standards for Financial Planners.