Archive: Sep 2015

Regulators reveal results of “mystery shopping” exercise for financial advice

18th Sep 2015

IFB Staff

Regulators reveal results of “mystery shopping” exercise for financial advice

The results of a “mystery shop” exercise for investment advice were made public yesterday. The Ontario Securities Commission (OSC), Investment Industry Regulatory Organization of Canada (IIROC), and Mutual Fund Dealers Association of Canada (MFDA) released a joint report on the exercise, which was carried out by a market research firm. Researchers posed as prospective clients and recorded their experiences when conversing with financial advisors. The interactions took place in a number of advisory firms across Ontario between July and November 2014. The research is the first of its kind undertaken by Canadian securities regulators. Among the key findings, the report shows that it is often difficult for investors to decide whether or not they have received appropriate guidance, and that […]

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IFB responds to BC review of Financial Institutions Act & Credit Union Act

17th Sep 2015

IFB Staff

IFB responds to BC review of Financial Institutions Act & Credit Union Act

BC requires a statutory review of the Financial Institutions Act (FIA) & Credit Union Incorporation Act (CUIA) every 10 years.  To prepare for this review, the government issued an initial consultation paper to gather input from stakeholders on whether certain proposed changes would improve the regulatory framework. IFB submitted our comments, concentrating on the sections that may affect our members in BC.  In summary, we supported a national database to share regulatory information, a mandatory licensing structure for anyone selling insurance products to consumers – including insurance sold incidental to the purchase of another product, removal of the current 25% cap on rebating, and the need for insurance transacted by consumers online to have access to a licensed advisor at […]

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IFB Comments on Voluntary CPP Supplement

16th Sep 2015

IFB Staff

IFB Comments on Voluntary CPP Supplement

The federal Department of Finance issued an initial consultation paper to gather input on whether Canadians should be able to supplement their savings, by making additional voluntary contributions to the CPP.  The consultation paper had few details of how such a system would work. IFB responded to the consultation, expressing our view that while such a plan may be attractive to some individuals, it may be expensive to operate and administer, as these additional contributions would have to be tracked separately from required employment-related CPP contributions. To address the government’s concern about under-saving by some individuals, a better solution would be to improve some of the tax-assisted retirement savings programs already in place. To read our entire response click here

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