The Investment Funds Institute of Canada (IFIC) made a submission to the Financial and Consumer Affairs Authority of Saskatchewan (FCAA), opposing proposed base proficiency requirements for advisors in that province.

“Advisors registered with the Mutual Fund Dealers Association of Canada (MFDA) or the Investment Industry Regulatory Organization of Canada (IIROC) should not have to meet additional requirements in Saskatchewan,” they write.

Paul Bourque, president and CEO of IFIC adds that the organization strongly supports the use of titles that do not confuse investors and appropriately reflect the credentials of the individuals using them. “We believe this can better be achieved by ensuring that client protection requirements in Saskatchewan are harmonized with the proficiency and disclosure requirements of Canada’s national self-regulatory organizations.” 

In its submission about the Financial Planners and Financial Advisor’s Act, made in response to a notice of proposed regulations and request for further comment, they add that base competency proficiency for financial advisors should not be the same as for financial planners.

“Clients of advisors who are already regulated under a robust client protection regime with clear relationship disclosure requirements, do not require additional client protection requirements in Saskatchewan, particularly if those requirements are not harmonized with the SRO’s proficiency and disclosure requirements and do not provide any additional benefits,” they write.

“Given that the extensive securities regulatory regime which currently exists in a harmonized form across Canada contemplates and permits financial advisors who are MFDA or IIROC registrants to offer product-specific advice, the FCAA should not adopt a regime that is unique to the province of Saskatchewan and does not align with the current harmonized approach to the delivery of financial advice across Canada,” they add.

“IFIC recommends that the FCAA not pursue its proposed approach to base proficiency competency for financial advisors.”