IFIC Supports Targeted Approach to Building Advisor-Client Relationship
Toronto, ON – April 28, 2016 – The Investment Funds Institute of Canada (IFIC) responded to today’s release of CSA Consultation Paper 33-404 – Proposals to Enhance the Obligations of Advisors, Dealers and Representatives Toward Their Clients, indicating the association’s support in principle for the regulators’ targeted approach to improving the advisor-client relationship.
“The investment funds industry shares our regulators’ goal of building advisor-client relationships that lead to good investor outcomes,” said Joanne De Laurentiis, president and CEO, IFIC. “Canada already has a robust regulatory framework that serves investors well, but there will always be room for improvement. This paper helps us more fully understand regulators’ perspectives on what is needed to achieve those goals and puts the industry in a better position to provide constructive suggestions to further strengthen the framework.”
IFIC supports Canada’s securities regulators for taking a thoughtful, consultative and staged approach – one that is enabling them to fully understand the complexities of the advisor-client relationship and the potential impact of the options they are presenting. We also are encouraged by the CSA’s intention to involve both IIROC and the MFDA in the process, as they will bring the practical knowledge and understanding needed for the development of workable rules. We have long supported this dual approach.
Through our member committees, IFIC will use the 120-day comment period to fully analyse the individual proposals, as well as their collective impact. “We will examine both the potential positive and unintended negative impacts of each proposal on investors, as well as the industry, and use these insights to develop a fact-based response and to provide input to the round-tables proposed by the regulators,” said De Laurentiis.
– 30 –
The 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. The organization is proud to have served Canada’s mutual funds industry and its investors for more than 50 years.
For more information:
Sara Clodman, Senior Manager, Public Affairs: firstname.lastname@example.org 416-309-2317