The Canadian Association of Insurance and Financial Planners (CAIFA) has extended its vote of support to Harold MacKay. MacKay was recently appointed special representative of Finance Minister John Manley, in his goal of determining the securities regulatory system best suited to Canada’s needs.

“We would welcome the opportunity to work with the federal government in determining a system of regulation that meets the needs of our members and helps ensure the protection of all Canadians,” said Brian Mallard, chair of CAIFA in his release. “We’re offering our help and support to Mr. MacKay as he embarks on this ambitious review of our current securities regulatory system.”

Last Thursday, John Manley announce that Harold MacKay would oversee the creation of a single national decision-making body for the securities industry. “A national regulator would ensure the efficient use of resources in a relatively small country, reduce costs to market participants, would bring about effective formation and implementation of policy, and would ensure consumer protection that crosses provincial borders,” according to CAIFA.

CAIFA is a voluntary association of professionals whose members are represented in most major cities and towns across the country. In September 2002, CAIFA and the Canadian Association of Financial Planners (CAFP) voted in favour of merging their two organizations to create a single organization representing professional insurance and financial advisors. CAIFA/CAFP will become official in Janaury 2003.