Industry

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Fair dealing model update: OSC considers single licence for advisors, firms

(February 5, 2004) Many industry participants are still digesting part one of the Ontario Securities Commission’s (OSC) fair dealing model, released last week, but the regulator is already looking ahead to a second concept paper, which will focus on the licensing of financial firms and individuals. “A number of costly inefficiencies and gaps arise because […]

By Doug Watt |February 5, 2004

3 min read

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Pension plan sponsors need advisors — but not all should apply

(February 5, 2004) Pension plan sponsors looking to provide their employees with education and advice about their plans should engage the services of financial planners. But they should also be sure to hire qualified, properly resourced firms or individuals, says Advocis chair Brian Mallard. Mallard — speaking to a room full of defined contribution plan […]

By Darin Diehl |February 5, 2004

3 min read

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IFIC reports January fund sales higher

(February 4, 2004) Mutual funds sales improved in January, as Canadians bought an estimated $1.8 billion worth of funds, according to a preliminary report from IFIC. That marks a rise of $700 million over the previous month. Assets in funds grew to an estimated $450 billion to $455 billion as the markets continued to move […]

By Steven Lamb |February 4, 2004

1 min read

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Insurance issues dominate complaint centre’s first year

(February 4, 2004) The consumer complaint centre for the financial services industry received more than 3,500 complaints in its first year of operation. The majority of those concerned insurance, says the Centre for the Financial Services OmbudsNetwork (FSON), which released its annual report today. The centre — which began operating in November 2002 — received […]

By Doug Watt |February 4, 2004

2 min read

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Credit quality will be stable in 2004, S&P predicts

(February 4, 2004) Fixed income investors can take heart, as credit quality should remain stable for 2004, according to rating agency Standard & Poors. “We expect that 2004 will be a period of relative stability for Canadian credit quality,” says Robert Palombi, economist and fixed income analyst at Standard & Poors. “Stabilizing credit quality will […]

By Steven Lamb |February 4, 2004

3 min read

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Briefly:

(February 5, 2004) The worldwide value of mutual fund assets hit $12.83 trillion US by the end of the third quarter of 2003, marking a 4% increase during that quarter, according to a report from the Investment Company Institute. The increase was due to both the ongoing recovery in equity markets and an increase of […]

By Staff |February 3, 2004

6 min read

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Insurance regulator looks at relaxing rules on referral fees

(February 3, 2004) The Canadian Council of Insurance Regulators (CCIR) is considering amending the rules on referral arrangements to permit commission splitting on a wider scale. Referral fees between licensed insurance agents are not prohibited. However, the issue gets complicated when a person who is not insurance-licensed makes the referral. In that instance, a flat […]

By Doug Watt |February 3, 2004

2 min read

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Millionaires willing to switch advisors, survey suggests

(February 2, 2004) Advisors serving Canada’s high net worth (HNW) market must maintain a positive relationship with their clients or risk losing them, a new survey suggests. A Stenner Group poll released today reveals that 44% of millionaires surveyed have changed their primary advisor in the past five years. Investment performance was the main reason […]

By Doug Watt |February 2, 2004

2 min read

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IFIC slams

(February 2, 2004) The head of IFIC is calling on the Canada Deposit Insurance Corporation (CDIC) to stop its ad campaign, which he calls critical of the mutual funds industry. “We request that CDIC stop the targeting of mutual funds in its advertising,” read a letter to the CDIC from Tom Hockin, IFIC president and […]

By Steven Lamb |February 2, 2004

3 min read

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SROs lack enforcement muscle, says IDA boss

(January 30, 2004) Canada’s self-regulatory organizations (SROs) should be given enhanced enforcement powers, such as the right to treat disciplinary decisions as court orders, says IDA president Joe Oliver. Effective enforcement of disciplinary orders is critical to a credible regulatory regime, Oliver said on Thursday, January 29, at an SRO conference in Toronto. “There is […]

By Doug Watt |January 30, 2004

2 min read

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