The growing costs and efforts associated with compliance are taking a toll on smaller dealers and independent advisors, the association states in a submission to Finance Canada The federal government needs to take action to help independent financial services firms compete against the increasingly dominant big banks in Canada as well as to improve consumer protection, Independent Financial Brokers of Canada (IFB) argues in a recent submission to the federal Department of Finance Canada. Notably, the IFB expresses its support for the government’s intention to consider proportionality in the development of policy and regulation in its submission to Finance Canada on the department’s review of the federal financial services sector framework. To read the full article, click HERE.
Susan Allemang, head of regulatory and policy affairs with Independent Financial Brokers of Canada was interviewed by Investment Executive on the Coalition for Small Business Tax Fairness. To read the full article, please click HERE.
OSC Announces Agenda for Roundtable on Option of Discontinuing Embedded Commissions TORONTO – The Ontario Securities Commission (OSC) today announced the agenda and list of panellists for the upcoming roundtable to discuss Canadian Securities Administrators (CSA) Consultation Paper 81-408 Consultation on the Option of Discontinuing Embedded Commissions. The roundtable is being held as part of the CSA’s ongoing consultation on the possible impacts of discontinuing embedded commissions. The event will include three panel discussions, each of which will explore a different alternative to the option of discontinuing embedded commissions and discuss the extent to which the alternative may address the CSA’s concerns with respect to embedded commissions. To read the full article, please click HERE.
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!
Scott Findlay, the new head of the IFB, says that maintaining the independence of financial advisors is crucial to ensuring that clients have the best options in product choice and advisor compensation. To read the full article, please click HERE!
Retiring Soon? is a new, web-based tool providing a centralized source of unbiased retirement information, with links to provincial and federal programs, to assist people who are close to retiring. It is free and accessible on multiple formats. Information on the site is organized into 4 main areas: Workplace, Money, More than Money and Ready, set, retire. “I think financial advisors will welcome this new resource as one more tool they can use in assisting clients plan for a successful transition from the workplace to retirement.” – Nancy Allan, Executive Director, Independent Financial Brokers of Canada Click the link below to check out this web-based resource for consumers. https://www.clhia.ca/rs/en/index.html
Ellen Bessner, partner at Babin Bessner Spry LLP speaks with Dan Richards, CEO of Client Insights, on why advisors can be sued in retirement, and explains the steps you need to take to ensure you are not at risk. You can watch the interview HERE to learn more about having good files and ERP insurance. To find out more about IFB’s E&O program and ERP insurance, click here!
The Investment Funds Institute of Canada (IFIC) has launched a guide on preparing CRM2 reports for mutual fund dealers. This guide includes information on achieving regulatory goals while maintaining the advisor-investor relationship. To find out more information on CRM2 and to view this document, log into the members section of our website.