Bill 157, the Financial Advisors Act, 2014, has passed second reading in the Legislative Assembly of Ontario. If the private member’s bill tabled by Liberal MPP Rick Bartolucci (Sudbury) passes, financial advisors in that province will face stronger scrutiny and sanctions for non-compliance.
Financial advisors who provide advice and sell products and services must be licensed in the province, although there are a number of exemptions. The act doesn’t apply to a people authorized to practise law in Ontario, mortgage brokers and people licensed under the Public Accounting Act, 2004, among others.
Under the proposed bill a new regulator would be appointed to administer the system, with powers to impose financial penalties and revoke the licences of registrants who don’t comply. ◊