IFIC Makes Submission to MFDA on Account Transfers
TORONTO, Sept. 29, 2020 (GLOBE NEWSWIRE) — The Investment Funds Institute of Canada (IFIC) today filed its submission to the Mutual Fund Dealers Association of Canada (MFDA) responding to its Consultation Paper on Account Transfers.
“Account transfer delays have been a longstanding concern for the investment funds industry and the clients it serves,” said Paul Bourque, President and CEO, IFIC. “We encourage the MFDA to take a collaborative approach with other regulatory bodies to help provide clarity and reduce delays.”IFIC’s submission made specific recommendations in three key areas. These include: establishing a transfer framework that can be broadly applied across industry participants; requiring dealers to meet specific transfer timelines; and continuing to work with the Canadian Securities Administrators to provide regulatory clarity on electronic communications that replace paper-based processes.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, please contact:Pira Kumarasamy
Senior Manager, Communications and Public Affairs