Legislation for financial advisers tabled in Ontario

“Financial advisers who give advice about securities, mutual funds and insurance should be regulated to protect Canadian consumers from unethical operators, according to a voluntary group that represents financial advisers. Advocis, The Financial Advisors Association of Canada, is supporting a private member’s bill introduced in the Ontario legislature by Liberal MPP Rick Bartolucci that would regulate both who can practice as an adviser and the quality of the advice. Currently, anyone can hold themselves out as a financial adviser in the province without any professional designation. Advocis has been calling for consumer protection in the sector for decades, says its president and CEO Greg Pollock according to CBC news website. ‘We would like to see financial advisers properly regulated and the Canadian public knowing just who they are dealing with,’ he said in an interview with CBC’s Lang & O’Leary Exchange. Currently insurance and securities are regulated by different entities, with a focus on the products sold, rather than who sells them.” Read the full article here. | Raymond Matt, CFP, CLU, TEP, CHS    

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