Young lady running on a rural road during sunset

The Mutual Fund Dealers Association of Canada (MFDA) is tackling a long-standing industry issue: the challenge of quickly transferring client accounts.

The self-regulatory organization issued a consultation paper on Monday that seeks industry feedback on the problems firms face regarding client account transfers.

“As transfer delays can have a significant impact on clients, the MFDA is engaging in a broad industry consultation with all stakeholders, including mutual fund companies and service providers, with a view to improving the transfer process,” it said.

In the fund sector, transfers often include firms other than the involved fund dealers, the paper noted.

“The transfer process can also be complicated depending on the assets being transferred, the type of account and the financial intermediaries that hold the assets,” it said.

The paper doesn’t propose specific rule changes or policy measures to improve the transfer process. “This consultation is preliminary in nature and is intended to identify circumstances that contribute to delays in the transfer of assets and potential solutions to improve the process,” it said.

The deadline for feedback is Sept. 29.