(June 4, 2008) The Canadian Life and Health Insurance Association (CLHIA) has elected a new board of directors at its annual meeting, naming Pierre-Yves Julien, president and CEO of Medavie Blue Cross, as chairman.
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News and resources for Canada's top financial advisors
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Fidelity offers U.S. dollar T-SWP
(June 4, 2008) Fidelity Investments Canada has launched a program to allow investors to receive tax-efficient monthly income distributions in U.S. dollars.
The Fidelity T-SWP Class U.S. dollar service is aimed at snowbirds who want monthly cash flow from their non-registered investments into their U.S. dollar accounts at their Canadian financial institutions.
This allows the investor to avoid currency exchange fees associated with exchanging their currency each time they travel. Fidelity is also touting the program as preferable for investors who maintain balances in their U.S. dollar accounts, as the low interest paid on deposits is taxed as income.
“Fidelity’s new T-SWP Class U.S. dollar service is a great option for the millions of Canadian snowbirds, business travellers and shoppers that travel to, or spend time in the U.S. and that regularly need U.S. dollars,” said Darren Farkas, vice-president, Fidelity Investments Canada.
A new U.S. dollar option is being added on nine classes and all six portfolios in Fidelity Managed Portfolios. Fidelity is also expanding the T-SWP Class program to include Fidelity Global Disciplined Equity Class.
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MFDA launches action against Farm Mutual
(June 4, 2008) The Mutual Fund Dealers Association of Canada has commenced disciplinary action against Farm Mutual Financial Services Inc., alleging the firm failed to conduct proper due diligence in selling debentures to nearly 700 clients.
In doing so, the firm failed to assess suitability for the clients, and did not ensure that they were qualified as accredited investors in accordance with Ontario Securities Commission Rule 45-501 and subsequently National Instrument 45-106.
The MFDA also alleges that Farm Mutual Financial failed to ensure the sales were properly conducted through their own facilities, and did not establish, implement and maintain policies and procedures to adequately and effectively supervise the sale of the debentures.
All of which might have been avoided if the firm had maintained adequate compliance staff between May 2002 and May 2007, which the MFDA alleges it did not.
The first appearance in this matter will take place by teleconference on Friday, June 27, 2008, at 10 a.m. EDT.
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Jovian offers “green fund”
(June 4, 2008) Jovian Funds has teamed up with Winslow Management Company to offer the Jov Winslow Global Green Growth Fund. The fund seeks capital appreciation by investing in companies that provide environmental products and services.
Jovian says the fund is aimed at investors who want to invest in companies that “promote a healthy environment,” who are growth oriented with a long-term investment horizon. The fund is expected to demonstrate “higher short-term volatility.”
(06/04/08)
