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 […]
Independent Financial Brokers of Canada welcomed the opportunity to comment on the proposed Ontario Retirement Pension Plan (ORPP), and have formulated our comments on the ORPP’s design in a position paper linked below. We support the Government of Ontario’s consultative approach to gathering input in advance of finalizing the design parameters, and we share the concern that some Ontarians are not saving enough for retirement. Support for including financial education programs in our schools, and accessible training tools to improve financial literacy will help people recognize the importance of long-term savings, and feel more comfortable in engaging professional financial advice to help that happen. To read the full position paper, click here.
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.
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.