Industry News

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Consumer groups leading charge for fund industry reform

(September 28, 2004) There’s optimism that the involvement of consumer groups will lead to substantial change in Canada’s much-maligned mutual fund industry. CARP, Canada’s Association for the Fifty-Plus, and the Small Investor Protection Association (SIPA) today officially released a report calling for numerous fund industry reforms, including the establishment of a new Investor Protection Agency. […]

By Doug Watt |September 28, 2004

3 min read

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Advisors explain why they’re opting out of mutual funds

(September 28, 2004) Although the mutual fund industry staunchly defends the fund-only registration category, there is evidence that some advisors, particularly insurance specialists, are letting their mutual fund licences lapse. During its fiscal year ending last March, the Ontario Securities Commission (OSC) issued 5,498 new mutual fund registrations but counted 7,517 discontinued registrations, some due […]

By Art Melo |September 28, 2004

4 min read

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PROTECTING TODAY. INVESTING IN TOMORROW.

It’s often been said that the only constant in life is change. If that’s true, then it’s important that your client’s life insurance can change too. Whatever life insurance plan you choose for your client, it needs to be flexible and adaptable to the changes that life throws our way. Universal life insurance is the […]

By Staff |September 27, 2004

1 min read

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Briefly:

(October 1, 2004) The Ontario Securities Commission says it has begun discussions with four mutual fund firms regarding allegations of market timing. The regulator sent letters to CI, AIC, AGF, and Investors Group on September 20 asking for an explanation of frequent trading in certain funds between 2000 and 2003. They were given until yesterday […]

By Staff |September 27, 2004

9 min read

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New fund disclosure rules too much too soon, expert says

(September 27, 2004) Proposed new continuous disclosure rules for Canadian mutual funds are well-intentioned, but will be a logistic nightmare for fund firms, says author and consultant Steven Kelman. The Canadian Securities Administrators’ National Instrument 81-106, scheduled to take effect by the end of the year, requires fund companies to produce annual and interim financial […]

By Doug Watt |September 27, 2004

2 min read

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Insurance expert calls for IDA firm overhaul

(September 27, 2004) The current Insurance Specialist (IS) model employed by IDA member firms must change or risk irrelevance in the market, according to a leading insurance consultant. “Growing one IS at a time is too slow and is susceptible to market swings,” said Byren Innes, senior vice-president and director of NewLink Group Inc., in […]

By Staff |September 27, 2004

4 min read

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Loonie to fly even higher, economists believe

(September 24, 2004) The Canadian dollar, which hit an eight-month high this week, could reach 80 cents US by year’s end, some economists believe. The loonie rallied 1.4 cents US this week, reaching a peak of 78.5 cents US before settling back slightly Friday at noon to around 78.4 cents. “We expect the Canadian dollar […]

By Doug Watt |September 24, 2004

2 min read

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Industry defends fund-only registration

(September 24, 2004) The Canadian mutual fund industry has come out swinging in response to a suggestion from Ontario’s securities regulator that the fund-only registration category may have outlived its usefulness. In a discussion paper released this summer citing investing protection concerns regarding certain business arrangements between MFDA and IDA dealer firms, such as omnibus […]

By Doug Watt |September 24, 2004

3 min read

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Securities revenues pullback in second quarter

(September 23, 2004) Lacklustre equity markets took a chunk out of securities industry revenues in the second quarter, the IDA reports. Particularly hard hit were underwriting fees, although commission revenues from mutual funds and stock trading also suffered a decline. While operating profits slumped 30% on the back of a 9% decline in revenue after […]

By Scot Blythe |September 23, 2004

2 min read

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Seniors’ group calls for fund industry overhaul

(September 23, 2004) Advisors should annually update “know your client” (KYC) forms and provide complete information on fund fees and compensation to clients on request, says a report from CARP, Canada’s Association for the Fifty-Plus. That’s just one suggestion from a 20-page report that takes the fund industry to task and makes numerous recommendations for […]

By Doug Watt |September 23, 2004

3 min read

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