TORONTO, November 15, 2017 – Many proposals contained in the Ontario Fall Economic Statement affect members of Independent Financial Brokers of Canada (IFB) as financial advisors and small business owners. IFB supports the government’s plan to develop legislation that will regulate financial planners in Ontario and restrict the use of titles related to financial planning. IFB has long held the position that those who call themselves Financial Planners should hold appropriate credentials to do so. In addition, other financial advisory titles, which do not accurately reflect the proficiency of the individual or firm, can be misleading or confusing to consumers seeking financial advice. IFB welcomes the government’s intention to pursue both initiatives through extensive consultation with stakeholders. IFB looks forward […]
IFB’s Toronto Spring Summit opening speaker, Tony Chapman, weighs in on Air Canada’s decision to move from Aeroplan to their own loyalty platform. In this television interview he talks about the reasons why and offers insights on the consumer and marketplace that also applies to our business of doing business. Click the video below to listen!
Ontario’s Finance Minister, Charles Sousa, has announced that Ontario will not pursue setting up the ORPP, now that Canada’s Finance Ministers have agreed to enhance the CPP, starting January 1, 2019. IFB has been vocal in its opposition to the ORPP because it would increase costs and compete against private sector retirement plans already in place – many of which would have been discontinued by employers who could not afford to contribute to both plans. Under the enhanced CPP: Income replacement will increase from 25% to 33% of pensionable earnings, e.g. a person earning $50,000 throughout their working life would receive a yearly pension benefit of around $16,000 instead of the $12,000 they would currently receive. The maximum amount of […]
The Financial Services Commission of Ontario (FSCO) now offers a series of videos focused on helping Ontarians understand retirement planning. The video series, “A Guide to Retirement Planning” outlines strategies for retirement planning in easy-to-understand terms. The video series offers an overview of the three pillars of the Canadian retirement income system – the public pension system, personal savings, and workplace pension plans – and presents tips and resources for consumers to utilize so that they can make informed financial planning decisions. To view the video series, click here. Additionally, the Ontario Securities Commission (OSC) has revamped its Investor Office webpage, and released a trilogy of videos to help promote the initiative. Investor Office provides consumers with information to help […]
Earlier this week, the Mutual Fund Dealers Association of Canada published a brochure meant to help consumers understand the advantages of utilizing an MFDA Member to assist them in their financial planning endeavours. “The MFDA and its Members are responsible for a significant portion of the Canadian wealth management landscape and primarily service mass market retail clients who represent over 80% of Canadian households. The Benefits of Working with an MFDA Member brochure is intended to promote the value and benefits to investors of the regulatory oversight exercised by the MFDA over its Members,” said MFDA President and CEO Mark Gordon. The brochure outlines benefits such as the protections provided by MFDA Rules, registration of Members and Approved Persons, Member complaint […]
The Mutual Fund Dealers Association of Canada recently issued a bulletin concerning all Approved Persons about the use of documents that have been pre-signed by clients, and the falsifying of other client signatures. MFDA Regional Council Hearing Panels have consistently ruled that it is not permissible for Approved Persons to falsify client signatures, and that MFDA Members and Approved Persons may only use forms that have been executed properly by clients after information on the form has been completed properly. To read the full bulletin from the MFDA, and see examples of examples of falsification, click here.
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 […]
In a news conference held today, Ontario Premier Kathleen Wynne unveiled more details on the Ontario Registered Pension Plan (ORPP), and which pension plans will be considered “comparable”, making them exempt from participation. The ORPP will be phased in over six years to allow businesses to adapt or bring their current pension arrangements in line with the ORPP. Employers without a registered pension plan will be phased in beginning in 2017. Large employers with over 500 employees will be first, employers with 50-500 employees will begin participating in 2018, and in 2019, small employers with less than 50 employees will be required to participate. Self employed people (subject to changes being made to the federal Income Tax Act) would begin […]