IFIC Makes Submission to FCNB on Unclaimed Property
TORONTO, Nov. 23, 2020 (GLOBE NEWSWIRE) — The Investment Funds Institute of Canada (IFIC) today filed its submission to the Financial and Consumer Services Commission of New Brunswick (FCNB) on RULE UP-001 Unclaimed Property – General and RULE UP-002 Unclaimed Property Fees.
In its submission, IFIC commended the government of New Brunswick for adopting legislation and rules on unclaimed property, which will help owners and beneficiaries acquire forgotten or otherwise unknown property.IFIC recommended a harmonized approach with other jurisdictions in Canada to reduce the regulatory burden for financial institutions that operate across multiple jurisdictions. IFIC also recommended clarifying the roles of dealers and fund managers for reporting and delivering unclaimed properties to FCNB.About IFICThe Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together 150 organizations, including fund managers, distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada’s savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.For more information:Pira Kumarasamy
Senior Manager, Communications and Public Affairs