The Ontario Securities Commission (OSC) and the Financial Planning Standards Council (FPSC), the standard-setting organization for financial planners, are pledging to co-operate and share information.

Thursday's OSC Bulletin announced that the OSC and the FPSC have signed a memorandum of understanding (MoU), which is subject to the approval of the province's finance minister. According to the agreement, the MoU is intended to help create a framework for co-operation between the two organizations "to assist in the effective delivery of their respective mandates."

The agreement facilitates co-operation and information sharing to help the OSC and the FPSC carry out their registration/certification, compliance and enforcement duties. It also covers regulatory and investigatory best practices; undertaking joint education or advocacy activities relating to financial planning or securities; along with possible collaboration in the training and professional development of their respective staffs.

Recently, the government in Ontario has been considering reforms to the regulatory framework in the province to introduce more oversight of financial planning.

Last year, an expert panel report recommended: that the government adopt a new regulatory framework for financial planning and financial advice; that regulators establish requirements for the "financial planner" title; and, that the government establish a universal statutory best interest duty for firms and reps that provide financial planning or advice.

In March, Ontario Finance Minister Charles Sousa said that the government intends to follow through on many of the expert panel's recommendations to bring greater oversight and regulation to the planning business.

Read: New rules for advisors and financial planners?

Photo copyright: pressmaster/123RF