Financial advisers, planners now regulated in Saskatchewan

People who give financial advice will now be regulated in Saskatchewan.

The Financial Planners and Financial Advisers Act was signed into law Friday.

Justice Minister Don Morgan told the Brent Loucks Show on Thursday the law brings Saskatchewan in line with other provinces and offers another layer of protection for consumers.

“You know a lot of people may have phoned or contacted somebody who indicated they were a financial adviser or financial planner, and had absolutely no qualifications,” Morgan said.

“For a lot of people this becomes their retirement, their future.”

The legislation will require anyone wanting to use the titles to hold the appropriate credentials from an approved credentials body.

The Financial and Consumer Affairs Authority (FCAA) will be the governing body in the province.

Morgan said the FCAA will work with the industry in the coming months to develop regulations, standards and a disciplinary process.