The Canadian Investment Regulatory Organization (CIRO) has been approved as a credentialing body under Ontario's title protection regime, granting its members in Ontario the ability to call themselves financial advisers. This move comes as Ontario looks to crack down on the use of professional titles and implement stricter regulations for financial advisers. Previously, anyone in most provinces outside Quebec could call themselves a financial adviser without any certification or educational background.

Ontario's Financial Professionals Title Protection Act, passed in 2019, requires individuals in the province to obtain appropriate credentials and remain in good standing in order to use the title "financial adviser" or "financial planner." CIRO is the fifth organization to receive approval as a credentialing body under this act, and tens of thousands more investment professionals will now be able to use the financial adviser title.

Advocates for stricter regulations argue that requiring financial advisers to meet minimum standards of education and abide by a code of conduct is crucial for investor protection. The lack of regulation in the industry puts investors at risk of receiving poor advice or falling victim to fraud. By implementing these new rules, Ontario aims to improve the proficiency and accountability of financial advisers and enhance consumer protection in the financial services sector.

However, critics have raised concerns about including licensed mutual fund dealers under the financial adviser title. They argue that these dealers, who often work as bank-branch employees, may not have the same level of advanced credentials as other financial advisers and may have potential conflicts of interest in how they are compensated.

Overall, Ontario's new title protection regime is a step towards improving standards and transparency in the financial advisory industry, but ongoing discussions are necessary to address the concerns raised by industry stakeholders.