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 […]
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 […]
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 […]
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 […]
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 […]
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.
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 […]