Industry News

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OSFI loosens the leash on bank disclosure

The Office of the Superintendent of Financial Institutions Canada issued a proposal on Tuesday to relax its disclosure guidelines for banks writing off bad debt. Under the proposal, banks will have to adhere only to Canadian generally accepted accounting principles (GAAP) to disclose foreseen losses resulting from bad loans. Released in 2001, OSFI’s C-5 guideline […]

By Mark Noble |June 19, 2007

3 min read

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DB plans require overhaul: C.D. Howe

Canada’s remaining defined benefit pension plans are fundamentally flawed and require a drastic overhaul if they are to survive, according to a report out of the C.D. Howe Institute. The report, penned by David Laidler, C.D. Howe fellow-in-residence and professor emeritus at the University of Western Ontario, and William B. P. Robson, president and CEO […]

By Steven Lamb |June 19, 2007

4 min read

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(June 18, 2007) Wellington West has announced it has hired 15-year financial industry veteren Dennis Stewner as its new chief financial officer. Based in Winnipeg, Stewner is coming from Momentum Healthware, where he was the executive vice-president and chief operations officer. He was responsible for all operational and financial functions. He’s also held senior finance […]

By Staff |June 18, 2007

4 min read

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Retirement age must rise: Study

R elated Stories Evaluating an early retirement package: A checklist For majority, retirement is a pipe-dream: Study Retirement planning big priority for 30-year-olds: Study Plan for “slow motion crisis” of an aging Canada, pension industry told To encourage later retirement, the Montreal Economic Institute suggests the province raise the bonus it pays through the Quebec […]

By Steven Lamb |June 18, 2007

2 min read

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CFAs give Canada’s financial services passing grade

When it comes to ethics in financial services, Canada is slightly above “adequate,” according to the CFA Institute. On a scale of 1 (poor) to 5 (excellent), Canada received a rating of 3.64 in the institute’s inaugural Financial Market Integrity Index. Canada’s score was derived from a global survey of 800 Chartered Financial Analysts (CFAs). […]

By Mark Noble |June 18, 2007

2 min read

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(June 15, 2007) The rising Canadian dollar is not derailing the national economy. Widespread job growth has dwarfed the losses in Canada’s manufacturing sector, which are partly the result of the loonie’s rise, says a new report from CIBC World Markets. The report notes that a 50% rise in the value of the Canadian dollar […]

By Staff |June 15, 2007

3 min read

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For majority, retirement is a pipe-dream: Study

If today’s 40-year-olds want to have the retirement they expect, they can’t rely on their employer or the government to make ends meet. Instead they are going to have to drastically change their savings habits, concludes a study released by the Canadian Institute of Actuaries. The study, entitled Planning for Retirement: Are Canadians Saving Enough? […]

By Mark Noble |June 15, 2007

4 min read

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Mutual fund assets still on the rise

It’s been another stellar month for mutual fund sales as total assets grew 1.7% to $712 billion. The Investment Funds Institute of Canada released its May statistics on Friday, which showed nearly every category breaking records. “It was a booming month of May — and in sharp contrast to most of the past five years, […]

By Bryan Borzykowski |June 15, 2007

2 min read

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New proposed framework makes mutual funds easier to understand

It was years in the making, but a new point-of-sale disclosure agreement for mutual funds and segregated funds has finally been drawn up. The Joint Forum of Financial Market Regulators, a group of representatives from the CSA, CAPSA and CCIR, released the proposed framework 81-406 on Friday, which outlines a new two-page “fund facts” summary […]

By Bryan Borzykowski |June 15, 2007

4 min read

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(June 14, 2007) Let’s hope your clients don’t mind working well past 65. A new study sponsored by the Canadian Institute of Actuaries found that two-thirds of Canadian baby boomers in their 40s are not saving enough to retire comfortably — or even adequately. “No more than a third will be able to cover their […]

By Staff |June 14, 2007

3 min read

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