Category Archive: Industry news

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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New details of the Ontario Registered Pension Plan released

11th Aug 2015

IFB Staff

New details of the Ontario Registered Pension Plan released

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 […]

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Provincial regulators targeting sales of incidental insurance

27th Jul 2015

IFB Staff

Provincial regulators targeting sales of incidental insurance

Insurance regulators are taking a closer look at the sales of mortgage insurance, creditor’s insurance and other “incidental” insurance products. The new examination efforts come amid concerns that the individuals selling these policies aren’t qualified, and in many cases, aren’t licensed to sell insurance at all. Insurance agents have welcomed the regulatory changes, as they will offer better protection for consumers while also leveling the playing field in the distribution of insurance products. IFB also welcomes the decision of regulators to address this issue. We feel it’s unfair that individuals who are not subject to the same requirements and oversight of licensed representatives can sell insurance products. Read more about the issue and our stance in this article from Investment […]

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OSC publishes report on Seniors’ Financial Needs and Challenges

02nd Jun 2015

IFB Staff

OSC publishes report on Seniors’ Financial Needs and Challenges

Expect the Unexpected: Older Canadians Share Their Financial Lessons OSC Releases Key Findings on Investor Protection for Seniors TORONTO – Today the Ontario Securities Commission released The Financial Life Stages of Older Canadians, a targeted research study on seniors’ financial needs and challenges. The research found that almost six out of 10 older Canadians experienced a major life event that challenged their prior financial plans (such as a loss of investments or income) and that fraud impacts approximately 60 out of every 1,000 older Canadians. Based on online survey interviews with 1532 Canadians aged 50 and over, this report delivers on a commitment in the OSC’s Statement of Priorities to be more responsive to senior investors. The report also builds on previous […]

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MFDA publishes guidance on CRM2

15th Apr 2015

IFB Staff

MFDA publishes guidance on CRM2

The MFDA has published a Bulletin to address questions from mutual fund dealers on implementing the client reporting requirements under CRM2.  The Bulletin contains a series of “Questions and Answers” to help firms with the disclosure, performance reporting and account statement information required under CRM2. For more information and to read the Bulletin click here, or go to the MFDA website: www.mfda.ca.

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Manitoba Insurance Council accepting applications for Restricted Insurance Agent licence

06th Mar 2015

IFB Staff

Manitoba Insurance Council accepting applications for Restricted Insurance Agent licence

Sellers of incidental insurance in Manitoba will have to be licensed as of June 1, 2015. “Incidental insurance” is insurance sold to consumers, alongside another product, for example, creditor life and disability insurance sold through banks and credit unions, in conjunction with securing a mortgage or loan. IFB has long taken the position that sellers of such insurance should be licensed and subject to a regulatory regime for the protection of the consumer.  IFB is pleased that Manitoba joins Saskatchewan and Alberta in requiring sellers to hold a Restricted Insurance Agent licence. The Insurance Council is accepting applications now, and suggests applicants apply before April 30th to ensure their license is issued by the June 1st deadline. Licences will need to […]

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MFDA and FSCO issue joint bulletin on advisors selling syndicated mortgages

22nd Jan 2015

IFB Staff

MFDA and FSCO issue joint bulletin on advisors selling syndicated mortgages

The sale of syndicated mortgages by mutual fund advisors who are also mortgage brokers has created some confusion. In hopes of clarifying the situation, the MFDA and FSCO (which regulates dealing or trading in mortgages) have issued a joint statement about the compliance issues. To read the bulletin, click here.

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FSCO Bulletin: Borrowing to Purchase Life Insurance Products

23rd Dec 2014

IFB Staff

FSCO Bulletin: Borrowing to Purchase Life Insurance Products

The Financial Services Commission of Ontario (FSCO) has released a bulletin to remind life insurance agents of their responsibilities when recommending life insurance and insurance-related investment products and strategies to clients. To help identify risks and ensure suitability, FSCO outlines a number of guidelines that life insurance agents should be aware of. See all of those guidelines in the bulletin. Click here to read the full bulletin.

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