United by the Same Idea
Since 1905, thousands of individuals working in the financial products and services industry have volunteered their time to develop the profession’s identity. Over the years, the name of their group may have changed, but the idea and values that inspired them have not. If today Quebeckers can count on competent, ethical and independent certified professionals, it’s thanks to them, their values and their groups.
More Than One Hundred Years of History
Volunteers from the Quebec and Montreal regional associations gave the initial impetus to the Life Underwriters Association of Canada (LUAC).
In the wake of the Quiet Revolution, life underwriters decided to form a Quebec organization. An agreement was reached with the Life Underwriters Association of Canada, and the eighteen associations were grouped as a federation into the Provincial Association of Quebec Life Underwriters.
The Provincial Association of Quebec Life Underwriters became an association of members. The Quebec government officially confirmed the mandate of the Provincial Association of Quebec Life Underwriters for the 5,300 members who voluntarily joined the Association.
The government entrusted supervision of the profession to the Association des intermédiaires en assurance de personnes du Québec, the Provincial Association of Quebec Life Underwriters’ successor, extended the scope of its mandate to the 15,000 practising individuals and made membership compulsory.
The Chambre de la sécurité financière succeeded the Association des intermédiaires en assurance de personnes du Québec. The government gave it the added responsibility of supervising restricted practice securities representatives and most financial planners.
Following the coming into force of An act to amend the Securities Act, group savings representatives, scholarship plan representatives and investment contract representatives were no longer subject to the Act respecting the distribution of financial products and services, but, instead, to the Securities Act.
As a result, the CSF was no longer responsible for overseeing investment contract representatives, but nevertheless continued to supervise group savings representatives and scholarship plan representatives in matters of compulsory professional development, ethics and discipline.