Purse strings attached: Towards a financial planning regulatory framework


Jonathan Bishop, John Lawford


Public Interest Advocacy Centre (PIAC)




In their previous report on financial planning and financial advice, Holding the Purse Strings: Regulating Financial Planners, PIAC found financial planning in Canada was poorly articulated by those who claim to be financial planners as well as their clients. This report is a follow-up report that contends the time remains ripe for the provinces to regulate financial planning in the public interest, using the "Québec model" as a guide, in order to protect Canadian consumers.

The current report examines the necessary steps towards creating a certain regulatory framework that is consistent across Canada, so that all Canadians can continue to benefit from financial planning, with robust consumer protection. Outstanding issues in designing such regulation are the standard of care of planners, disclosure of fee structures, definition of what constitutes financial planning and whether similar rules should be applied to all financial advisors.

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OCA Funded Research
This research received funding support through the Office of Consumer Affairs' Contributions Program.

Contact information

Public Interest Advocacy Centre (PIAC)
285 McLeod Street, Suite 200
Ottawa, ON   K2P 1A1
(613) 562-4002
(613) 562-0007

Source: Consumer Policy Research Database

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