The Ontario Ministry of Finance, further to its announcement in
the 2014 Economic Outlook and Fiscal Review, is
launching a review of regulations pertaining to financial
advisors and planners. The Ontario government wants to help
investors and consumers to make informed investment and financial
choices and enhance the oversight in this important sector. The
financial sector is second only to the manufacturing sector in
Ontario in terms of output.
Currently, anyone in the province can call themselves a
financial planner. While more than 9,000 have voluntarily been
certified as planners, there is no requirement to do so. Many
industry groups, including Advocis and the Financial
Planning Coalition, have called for the mandatory regulation of
financial advisors and planners. They seek increased professional
standards for all financial advice professionals and greater
The review will be conducted by an expert committee consisting
Malcolm Heins, former CEO of the Law
Society of Upper Canada, will serve as Chair
Anita Anand, professor of law at
University of Toronto and the inaugural Chair of the Investor
Advisory Panel to the Ontario Securities Commission
Paul Bates, Chartered Professional
Lawrence Haber, Executive Chair of
the Board of Diversified Royalty Corp
According to Finance Minister Charles Sousa, "the
appointment of this expert committee reaffirms Ontario's
commitment to reform and strengthen the Province's financial
services sector, protect investors and consumers, and bolster the
stability and efficiency of financial markets."
The committee will submit the final report and recommendations
to the government by early 2016.
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The Canadian Office of the Superintendent of Financial Institutions ("OSFI") recently ruled that a bank cannot promote comprehensive credit insurance ("CCI") within its Canadian branches under the Insurance Business (Banks and Bank Holdings Companies) Regulations (the "Regulations").
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