IFIC Supports Ontario Plans to Strengthen Financial Planning and Advice
March 31, 2017
Toronto, ON - March 31, 2017 - The Investment Funds Institute of Canada has commended Ontario Finance Minister Charles Sousa for his commitment to move ahead with several recommendations aimed at strengthening financial planning and advice. The recommendations arose from a recent review by Ontarios Expert Committee on Financial Advice and Planning Policy Alternatives.
"We are glad that the minister is taking action to protect investors by ensuring that all those who hold themselves out as financial planners are properly trained and licensed, said Paul C. Bourque, Q.C., IFIC president and CEO. "This will bring those financial planners who are not currently regulated in line with those financial planners and advisers who already operate under rules set out by securities and insurance regulators. It will remove a serious loophole and provide greater certainty for investors to know that all financial planners and advisors must be licensed."
IFIC also supports the governments announced intention to work with regulators to better control the use of financial advisor titles and to limit the circumstances under which financial professionals can receive referral fees.
Referring to the governments intention to await the results of ongoing consultations into a potential best interest standard by Canadas securities regulators, Bourque said, "The CSAs consultation on a best interest standard is in the final stage of a comprehensive review. All parties have invested considerable time and resources to the commissions review and it would not make sense for Ontario to abandon it now. The minister has chosen the right course of action in deciding to wait until the CSAs active consultation on a best interest standard is complete."
The Investment Funds Institute of Canada is the voice of Canadas investment funds industry. IFIC brings together 150 organizations, including fund managers, distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada's savers to Canadas economy, our industry contributes significantly to Canadian economic growth and job creation. The organization is proud to have served Canadas mutual funds industry and its investors for more than 50 years.
Sara Clodman, Senior Manager, Public Affairs, firstname.lastname@example.org | 416-309-2317For more information contact
Senior Manager, Public Affairs
The Investment Funds Institute of Canada (IFIC)
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