Should “Financial Planners” Be a Regulated Profession?
An expert committee issued a report about Financial Planners. In essence, the Committee felt that Financial Planners should be regulated. They must have certain qualifications. They must adhere to a code of conduct or be subject to discipline. They must work for the client’s best interests only and have no conflicts of interest. This may seem obvious, but it is currently not the case.
The usual issue is that banks often offers the services of Financial Planners. Although there is nothing sinister in this service, the Financial Planner works for the bank and its interests. You can read a summary of the Committee’s recommendations from the FAIR Website. You can read it here.
Also, I didn’t know this, but there is an Ombudsman for Banking Services and Investments. You can read the website here.
Unfortunately, there is no office in the Kitchener-Waterloo area. The office appears to be in Toronto. Second, the OBSI does not have the power to give financial compensation to wronged customers. Only the bank can do this.