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The Voice of Canada’s Investment Funds Industry

News Release

IFIC welcomes completion of technology upgrades that pave the way for better investor disclosure

Toronto, ON – March 5, 2015 – The Investment Funds Industry of Canada (IFIC) welcomed the announcement today by FundSERV that it has completed important network upgrades that pave the way for investors to receive clear, new information about the cost and performance of their mutual funds.

“FundSERV and fund managers are to be commended for reaching this significant milestone,” noted Joanne De Laurentiis, president and CEO of The Investment Funds Institute of Canada. “Their success in completing this massive systems upgrade on schedule significantly advances dealer preparation of the new cost and performance reports required by CRM2.”

Under the CRM2 rules introduced by Canadian Securities Administrators, investors will receive new reports showing how much they paid in dollars to their dealer firm for their investment products.

On the performance side, investors will see how well their investments have performed in dollar terms since they started to invest, and their personal rate of return over several time periods. This report will help investors understand whether they are on track to meet their financial goals.

In most cases, the first cost and performance reports will cover the period January to December 2016.

“CRM2 will lead to more informed investors, which will result in better conversations between investors and advisors,” De Laurentiis noted. “The industry is embracing the changes, and is working collaboratively to ensure their smooth implementation.”

FundSERV’s platform provides an effective flow of information from fund managers to investment dealers across the country. In order to meet the requirements of CRM2, dealers need to ensure that their systems interface properly with the enhanced FundSERV platform. They must also incorporate information about investments that do not flow through the FundSERV platform (such as equities, bonds and GICs) into the integrated statements that they will provide to investors under CRM2.

About IFIC

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.
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For more information:

Sara Clodman, Senior Manager, Public Affairs