In July 2014, the MFDA published a “Discussion Paper on the use of Investor Questionnaires” to help with the KYC process, including a sample investor questionnaire to guide and document this discussion with clients. Use of the questionnaire is not mandatory and your dealer may have adopted a different or similar questionnaire. The MFDA notes: The know-your-client (“KYC”) process is one of the most fundamental obligations under securities legislation and one of the most important elements of investor protection. However, the process can be challenging for both clients and Approved Persons. Investors may not always understand the industry terminology used on KYC forms and research reveals that many investors do not understand the relationship between risk and return. Approved Persons […]
IFB supports the government’s initiative to increase financial knowledge and access to information so they can be better prepared for retirement planning. In addition, seniors – like all Canadians – need to know where to access information on their advisor or firm – to ensure they are legitimate and licensed. IFB members play an important role in contributing to financial literacy as they are at the forefront of assisting in the education of clients when meeting with them in their homes and offices across Canada every day. Many IFB members have established long-term relationships with their clients, and as such become advocates for them in situations where the advisor is concerned about their cognitive decline, financial abuse or otherwise at risk. Education and […]
IFB recently moved to our new office. If you’re looking for us, we’re in the same building, at 30 Eglinton Ave W, Mississauga, but we’re now located on the 7th Floor, Suite 740. Previously, we were on the 3rd floor, Suite 306. Everything else remains the same.
IFB is a strong proponent of financial education as a fundamental tool to help Canadians be better informed and protect themselves from potentially fraudulent situations. We welcome the news that Canada’s first Financial Literacy Leader, Jane Rooney, has been appointed to strengthen these efforts and IFB looks forward to partnering in any future educational initiatives. Ms. Rooney is experienced in domestic and international financial literacy issues. In a further announcement, the Financial Consumer Agency of Canada has made various tools available on its website to mark Talk With Our Kids About Money Day. Talk with Our Kids About Money Day is an annual event to encourage parents and educators to take the time to discuss with young people the importance of financial literacy, from managing pocket […]
Susan Allemang, IFB’s Director of Policy & Regulatory Affairs was recently interviewed by Investment Executive on new anti-money laundering requirements affecting independent life insurance brokers. These increased requirements will place brokers at greater risk of being found to have deficiencies during a Fintrac audit and which, in turn, could lead to financial penalties. To read the article, click here: http://www.investmentexecutive.com/-/insurance-new-rules-for-reps?redirect=%2Fsearch
The Canadian Securities Administrators (CSA) today released status reports on two consultations it held recently. One reviewed the current fee structure associated with mutual fund products and the other was to explore implementing a best interest duty for financial advice provided to retail consumers. The CSA reports it received over 95 written responses to each of these consultations from a variety of industry and consumer groups. In addition, it held various stakeholder sessions to gather more input. It has concluded that the two consultations are sufficiently interconnected that it needs to consider them together not as two separate issues. The CSA says it will publish what, if any, further steps it needs to take in the coming months. The status reports are available on […]
The Minister of Industry announced December 4th that Canada’s new anti-spam law will come into force on July 1, 2014. Under the legislation, consumers will control who can send them a commercial electronic message or business email. Companies will have to identify themselves in their emails and provide consumers with an unsubscribe option. Those who do not comply risk major financial penalties. For companies, messages sent internally or to another business will be permitted, as will emails sent to consumers as part of a product recall, in response to a consumer inquiry or as a result of a referral (under certain conditions). Fundraising activities of registered Canadian charities are exempt from the Act. On January 15, 2015, the sections of the Act related […]
Canadian insurance regulators have announced the launch of a new resource that provides a single resource for anyone wanting to check if an individual or firm has been disciplined. Formerly, this information was only available on each provincial regulator’s website. Now consumers and insurance industry participants can easily check the names of persons and firms disciplined within the insurance industry through the Canadian Insurance Regulators Disciplinary Actions (CIRDA) database. This was a joint initiative of the Canadian Insurance Services Regulatory Organization (CISRO) and the Canadian Council of Insurance Regulators (CCIR). CIRDA can be accessed from the CCIR and CISRO websites or directly at http://decisions.cisro-ocra.com/.