TORONTO, June 21, 2018 (GLOBE NEWSWIRE) -- The Investment Funds Institute of Canada (IFIC) today welcomed the Canadian Securities Administrators’ (CSA) package of Client Focused Reforms, which are designed to enhance the client-registrant relationship. The reforms take a harmonized national approach to enhancing investor protection and will further align the interests of clients and their investment advisors.
“Canada’s investment fund industry shares the CSA’s deep commitment to fostering investor confidence and enabling investors to achieve good outcomes,” said Paul C. Bourque, President and CEO, IFIC. “It is our view that the CSA reforms will both achieve these goals and serve to strengthen investor protection.”
In the same release, the CSA indicated that it intends to continue to permit embedded commissions within mutual fund products, while banning deferred sales charges. IFIC supports the decision to preserve choice for those investors who wish to access and pay for financial advice through embedded commissions. A ban on deferred sales charges, however, will reduce choice for some investors. IFIC continues to believe that Investors should have the freedom to choose the investment products and services that best achieve their financial goals.
“IFIC appreciated the CSA’s review and comment process, which provided the opportunity to offer meaningful feedback on these proposals,” added Bourque. “The CSA was willing to listen to all stakeholders and refine their thinking, which we believe improved the final result.”
IFIC intends to closely review the entire package issued today, and will prepare a detailed submission in the coming weeks.
About IFIC
The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together 150 organizations, including fund managers, distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada’s savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.
For more information:
Carolyn Quick
Vice President, Communications and Public Affairs
The Investment Funds Institute of Canada
cquick@ific.ca
416-309-2306