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 […]
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
Canada’s largest provincial regulator has a number of priorities to address after various investment industry and investor advocates submitted comments to the OSC. High profile policy issues, such as a possible ban on trailer fees and the potential creation of a fiduciary duty for financial advisors, remain top regulatory priorities. In addition, several other issues have been raised, with concerns ranging from the deterioration of investor restitution to addressing climate change. In its comments to the OSC, Independent Financial Brokers advocated for coordination among regulators in the securities and insurance sectors. IFB commented that regulators establish a database that would allow consumers to view registration and disciplinary information for insurance advisors as well as securities-licensed advisors. Details about the various […]
Independent Financial Brokers is proud to be part of a new initiative launched today by Prosper Canada. The MPower Money Coaching Program, developed by Prosper Canada, will be delivered in partnership with the City of Toronto’s Employment and Social Services department. The program aims to help low-income individuals to improve their financial literacy while setting, planning, and achieving their personal finance goals. Participating low-income individuals will receive support from volunteer professional financial planners, who have been trained on providing coaching to low-income earners. Over the next year, the 50 volunteer advisors will work with 100 low-income participants to help them: – Set financial goals and create a financial plan – Form a personal/household budget – Increase savings and reduce debt […]
TORONTO – Today Ontario’s Minister of Finance, Charles Sousa, moved on to the next step in the Ministry’s review of financial planning, by announcing the members of an expert committee to examine the need for tailored regulation of financial planners. “The expert committee members bring a wealth of knowledge and experience which will be needed to consider the complex issues and varied perspectives of consumers, investors, advisors, and the financial services industry in general”, said Nancy Allan, Executive Director of IFB. IFB will be monitoring the work of the expert committee, and is ready to offer our viewpoint to their deliberations. “From the outset, IFB has been supportive of a process built on collaborative discussion with all industry stakeholders”, said […]
Independent Financial Brokers of Canada welcomed the opportunity to comment on the proposed Ontario Retirement Pension Plan (ORPP), and have formulated our comments on the ORPP’s design in a position paper linked below. We support the Government of Ontario’s consultative approach to gathering input in advance of finalizing the design parameters, and we share the concern that some Ontarians are not saving enough for retirement. Support for including financial education programs in our schools, and accessible training tools to improve financial literacy will help people recognize the importance of long-term savings, and feel more comfortable in engaging professional financial advice to help that happen. To read the full position paper, click here.
Independent Financial Brokers of Canada (IFB) is pleased to contribute our comments to Phase 3 of this consultative process, which focuses on young Canadians and adult. We agree that early exposure to financial learning is an integral step for children to develop sound long-term attitudes toward spending and saving. Parents, the educational system, and organizations that provide services to children and youth (such as Junior Achievement, 4H, Boy Scouts, Girl Guides, etc.) are at the forefront of influencing such behavior in children and young people. We note that a number of interesting and engaging ideas were presented in November at the Financial Literacy conference in Vancouver from various organizations, including those representing students and youth groups. Links to these on […]
Independent Financial Brokers of Canada (IFB) is pleased to offer our comments on Phase 2: Priority Groups. We support the Financial Consumer Agency of Canada’s goal to establish a national financial literacy database which will link, and build upon, existing materials and resources, and connect potential users with this information. Consumers will be able to source resources within their own community, and local program providers can use it to craft programs specific to the needs of their target groups. IFB also supports expanding the development of financial tools and materials that are explained in plain language. This is an important step toward helping consumers understand the everyday financial services and products they use most often, such as service fees and interest […]