IFIC makes recommendation to Government of Manitoba on use of “financial advisor” title
Toronto, Sept. 28, 2023 (GLOBE NEWSWIRE) — The Investment Funds Institute of Canada (IFIC) has made a submission to the Government of Manitoba. The submission is in response to the government’s proposal (“Financial Planner Title Protection in Manitoba”) to adopt title-protection legislation that would prohibit people from using the title “financial advisor” or “financial planner” without having any qualifications to provide such advice.
IFIC strongly supports the appropriate use of titles that do not confuse investors and that reflect competencies of those using the title “financial advisor.” However, IFIC believes that people using the title who are already regulated by the Canadian Investment Regulatory Organization (CIRO) should be exempt from any additional regulation relating to the use of the title.
“CIRO oversees proficiency requirements and enforcement mechanisms that are comprehensive, consistent, and applicable nationally,” said Andy Mitchell, President and CEO, IFIC. “Any further regulation of the ‘financial advisor’ title for those regulated by CIRO would impose an unnecessary regulatory burden.”
Further, IFIC recommends that the government’s consultation should focus on coordinating and harmonizing regulation of the use of the “financial advisor” title in Manitoba with existing standards.
The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together approximately 150 organizations, including fund managers, dealers, professional and back-office service providers, to strengthen the integrity of the investment funds industry, foster public confidence in investment funds, and enable investors to achieve good outcomes. By connecting savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.
CONTACT: Christine Harminc Senior Manager, Communications and Public Affairs 416-309-2313 [email protected]
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