(September 24) – The Canadian Association of Insurance and Financial Advisors “must reject vigorously” Canadian Securities Association proposal which gives all the power for financial planning regulation to the securities regulators.
Dave Thibaudeau, chair of the Canadian Association of Insurance and Financial Advisors is highly critical of the Canadian Securities Administrators’ position, saying it misses the boat.
The CSA focuses too closely on product and not enough on the planning process in choosing a regulatory regime for planning. ” I am disappointed that its published response is nearsighted and unimaginative.” The CSA is saying: “Prop up the old familiar model and force it on anyone who comes near,” he contends.
Instead, CAIFA is recommending a more collaborative and fairer regulatory model. CAIFA admits that regulatory reform is necessary, and says it is working with the CSA’s Financial Planning Committee, the Investment Funds Institute of Canada, the Investment Dealers Association, and the Canadian Bankers Association to develop uniform standards for financial planning.
However this process has been dragging on for years now, beset by political infighting, regulatory territorialism, and self-interest with little progress in favour of consumers.
-IE Staff
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