Tabled on June 12, the Report on the Application of the Act respecting the distribution of financial products and services questions many issues that have in fact been discussed at length over the past 10 years, according to Marie Elaine Farley, President and Chief Executive Officer of the Chambre de la sécurité financière (CSF).
“In recent years, the CSF has made a number of proposals to the legislator in order to promote an adapted support system that answers the various challenges facing our industry without compromising when it comes to protecting the public. Unfortunately, it seems that the CSF’s input has not inspired the committee to issue recommendations to the Minister of Finance. Moreover, we were expecting a range of stronger guidelines and proposals,” said Ms. Farley.
Aware of just how much the market has changed, the Chambre de la sécurité financière believes it is important to maintain Quebec’s role as a leader of multidisciplinary self-regulation in the financial sector.
It is possible to focus on efficiency and reduce the regulatory burden as much as possible while at the same time supporting the role of the CSF, an organization who possesses all the tools necessary and whose expertise has been proven time and again over the past few years. As a result, the CSF should be entrusted with more responsibilities, as per its status as a self-regulatory organization.
“Until now, the Chambre has always been open to discussion and has participated in consultations in good faith. It will continue to do so. Furthermore, we would like to call upon the Minister to discuss some of the recommendations put forward to let him know of our arguments and concerns. Should we be required to do so, we will be ready to demonstrate the necessity and relevancy of the Chambre once more,” stated Ms. Farley.
About the Chambre de la sécurité financière
The Chambre de la sécurité financière is a self-regulatory organization whose mission is to protect consumers by maintaining discipline and overseeing the training and ethics of its nearly 32,000 members. Those members practise in five sectors and registration categories: Group savings plan brokerage, Financial planning, Insurance of persons, Group insurance of persons and Scholarship plan brokerage.
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