TORONTO, Sept. 20, 2022 (GLOBE NEWSWIRE) — The Investment Funds Institute of Canada (IFIC) today made its submission to the Financial and Consumer Affairs Authority of Saskatchewan on the Financial Planners and Financial Advisors Act.
“IFIC strongly supports the use of titles that do not confuse investors and appropriately reflect the credentials of the individuals using them,” said Paul Bourque, President and CEO, IFIC. “We believe this can be better achieved by ensuring that client protection requirements in Saskatchewan are harmonized with the proficiency and disclosure requirements of Canada’s national self-regulatory organizations.”
In its submission, IFIC recommended that: base competency proficiency for financial advisors should not mirror those of financial planners, noting that each should reflect differences in services and activities; advisors registered with the Mutual Fund Dealers Association of Canada or the Investment Industry Regulatory Organization of Canada should not have to meet additional requirements in Saskatchewan; and harmonization should be achieved between individuals using the financial advisor title who are registered with an SRO and those who are not registered with an SRO.
The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together approximately 150 organizations, including fund managers, dealers, professional and back-office service providers, to strengthen the integrity of the investment funds industry, foster public confidence in investment funds, and enable investors to achieve good outcomes. By connecting savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.
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