The Investment Funds Institute of Canada is calling for tighter rules for competitive products, higher RRSP limits, and a single national securities regulator.

In his keynote speech at IFIC’s rescheduled annual meeting today in Toronto, Tom Hockin, president and CEO of IFIC called on regulators and governments to impose stricter regulations for mutual fund “look-a-like” products

Hockin called on Ottawa to double current RRSP limits from $13,500 to $27,000, and expressed the need for a single national regulator.

He also commended recent attempts by financial industry participants to, “bring the urgency of a more unified approach to securities regulation to the attention of Canadians.” He added, “As market turmoil continues to tax our resources, the streamlining of our securities regulatory framework is more essential than ever before.”

In his speech, Hockin also outlined the benefits that a move to T+1 will have for the industry, indicating that, “T+1, as a stepping stone to STP, or Straight-Through-Processing, will be vital to settlement cycles during times of crises.” He urged industry participants to maintain momentum with T+1 implementation efforts.