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This letter is in response to our June 9 story, IIROC pitches merger with MFDA.

Interestingly, when the MFDA was formed, we were told that it was a “temporary” situation to not overburden the now-defunct Investment Dealers Association of Canada. Eventually, the two regulators would be merged.

The currently proposed merger of the MFDA into IIROC makes practical sense.

Financial services industry players continue to bear the considerable time and cost of large, often overlapping regulatory provisions. They deal with various regulators in various jurisdictions.

If the collective efforts of regulators were coordinated and streamlined, it could serve both the financial services industry and clients, with less administration and less regulatory duplication.

Jim Rogers is the founder of Rogers Group Financial (now RGF Integrated Wealth Management), a financial advisory and portfolio management firm located in Vancouver.