IFIC Makes Submission to FSRA on Financial Professionals Title Protection
TORONTO, Nov. 12, 2020 (GLOBE NEWSWIRE) — The Investment Funds Institute of Canada (IFIC) today made its submission to the Financial Services Regulatory Authority of Ontario (FSRA) on its proposed Financial Professionals Title Protection rule.
IFIC commends FSRA for striving to strengthen consumer confidence and understanding by introducing minimum standards for the use of the financial planner (FP) and financial advisor (FA) titles, without creating unnecessary burden for title users.“To achieve this objective, we recommend that title users who are members of the Mutual Fund Dealers Association of Canada and the Investment Industry Regulatory Organization of Canada be exempted from the proposed rule,” said Paul Bourque, President and CEO, IFIC. “Without this exemption, these title users would be subject to duplicative and confusing rules without any additional investor or regulatory benefit.”Other recommendations include: providing clients with a description of the products and services offered to clients; undertaking a regulatory impact analysis to weigh anticipated costs and benefits; and consulting with industry stakeholders on titles that are equivalent to FP or FA to reduce the risk of confusion.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