Regulatory changes

IFB responds to Ontario Government Budget

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April 11, 2019. Mississauga. Independent Financial Brokers of Canada (IFB) welcomes the Ontario government’s commitment to ensure Ontario’s consumers of financial products can depend on a thriving and innovative financial services sector, delivered alongside a robust regulatory system which has, at its heart, a strong consumer protection mandate.

“IFB recognizes that for these goals to succeed, those who are licensed and educated to provide advice to retail clients must be professional and proficient” said Nancy Allan, IFB’s Executive Director. “Fortunately, Ontario already has in place both a robust licensing system and system of regulatory oversight through its existing provincial securities and insurance regulators, and national SROs, IIROC and the MFDA. It is important to IFB – and IFB members – that the government has recognized this, and intends “to enhance consumer protection without introducing unnecessary regulatory burden, and to be mindful of the current regulatory oversight of current licensees and registrants”, Allan added.

The Ontario government’s proposal to introduce legislation to protect the titles of financial planner and financial advisor, including the need for those using these titles to have appropriate credentials, is consistent with past consultations. “IFB has long supported the need for public-facing titles to reflect an advisor’s license, registration category and proficiency”, said Allan.

IFB is pleased to see that the government has reaffirmed its commitment to ongoing consultation with stakeholders to ensure their concerns are heard”, Allan added. “We look forward to continuing to provide our input, throughout the consultation process, so that the advice and services consumers receive from licensed financial advisors – like IFB members – will continue to thrive in an environment that encourages innovation, open competition, widespread access to advice, while being delivered in a cost-effective way”. These goals are consistent with the Ford government’s stated mandate to reduce costs, the regulatory burden and making Ontario “open for business”.

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