Category Archive: Industry news

FSCO, OSC offer new resources for investors

26th Feb 2016

IFB Staff

FSCO, OSC offer new resources for investors

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 […]

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18th Feb 2016

IFB Staff

IFSE’s continuing education program for CRM2 now available in French

In January, the Investment Funds Institute of Canada (IFIC), along with its education branch, the IFSE Institute, launched a free continuing education module focused on disclosure requirements and advisor obligations under CRM2. That educational module is now available in French. The module was developed to educate industry professionals on the key elements of the regulation, and leverages the CRM2 tools created by IFIC’s CRM Communications Task Force. The module is available to advisors free of charge. Visit www.ifse.ca or call 1-888-865-2437 for more information.

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IFIC launches new continuing education program for CRM2

08th Jan 2016

IFB Staff

IFIC launches new continuing education program for CRM2

A new, free continuing education module focused on disclosure requirements and advisor obligations under CRM2 is now available to financial advisors. The new educational program was created by the Investment Funds Institute of Canada (IFIC), along with its education branch, the IFSE Institute. “This continuing education module will help financial advisors explain the new disclosures so that investors can improve their understanding of their investments, have more meaningful conversations with their advisors and make more informed decisions” said Joanne De Laurentiis, president and CEO of IFIC, and board chair of IFSE. The module includes a sample account statement, explanations of key features of the account statement, as well as sample cost and performance reports Advisors will learn how to carry […]

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MFDA Releases “Benefits of Working with an MFDA Member” Brochure

03rd Dec 2015

IFB Staff

MFDA Releases “Benefits of Working with an MFDA Member” Brochure

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 […]

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A larger, more powerful insurance regulator could be coming to Ontario

03rd Dec 2015

IFB Staff

A larger, more powerful insurance regulator could be coming to Ontario

A review of Ontario’s existing insurance regulation regime has led to the recommendation of a larger regulator that has more powers. The proposals come from an expert committee tasked with reviewing the directives of the Financial Services Commission of Ontario (FSCO), the Deposit Insurance Corporation of Ontario (DICO), and the Financial Services Tribunal. The committee proposed the stronger enforcement of rules and regulations applying to insurance agents, increased obligations in consumer protection, and new rules that reflect those that apply to the securities side of the financial advisory industry. In addition, the committee suggested an overhaul of Ontario’s existing regulatory framework, including merging FSCO and DICO into one larger regulatory body called the Financial Services Regulatory Authority (FSRA). The proposed […]

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RDBA provides compliance standards for Canadian deposit brokers

20th Nov 2015

IFB Staff

RDBA provides compliance standards for Canadian deposit brokers

The Registered Deposit Brokers Association (RDBA) has noticed in recent weeks there has been media attention and other communication regarding a suite of compliance products offered through Advocis. In these articles, they have been positioned as “the sole distributor of the Deposit Broker Anti-Money Laundering E-Learning course (AML) and the Deposit Broker Annual Compliance Attestation (ACA).” The Board of the RDBA wishes to make it clear that Advocis is the distributor of products, developed by a third party, for-profit enterprise, that are essentially competing with the solutions offered for many years by the RDBA to its members. The RDBA does not endorse these products offered by Advocis, and any inference or interpretation that these products are the only solutions for […]

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MFDA issues notice on signature falsification pre-signed documents

15th Oct 2015

IFB Staff

MFDA issues notice on signature falsification pre-signed documents

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.

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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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