: Chambre de la Sécurité Financière - Submission

August 24, 2015

EXPERT COMMITTEE TO CONSIDER FINANCIAL ADVISORY AND FINANCIAL PLANNING POLICY ALTERNATIVES
c/o Frost Building North, Room 458
4th Floor, 95 Grosvenor Street
Toronto, Ontario
M7A 1Z1

Dear sirs/madams:

Re: Financial Planning/Advice Consultation

We thank you for the opportunity to comment on the adequate structure to regulate financial advisors and planners in Ontario. In response to the Initial Consultation Document, we believe that the multidisciplinary approach to regulate Quebec's financial advisors and planners is an effective one and therefore we wish to present the CSF for your consideration.

Established in 1998 by the Act respecting the distribution of financial products and services, the CSF is a self-regulatory organization (SRO) whose mission is to protect consumers by maintaining discipline and overseeing the training and ethics of its nearly 32,000 members in Quebec who practice in five sectors and registration categories, namely:

  • Group savings plan brokerage
  • Financial planning
  • Insurance of persons
  • Group insurance of persons
  • Scholarship plan brokerage

The CSF successfully carries out its m1ss1on by closely superv1s1ng its member's compliance with legislation such as the Act respecting the distribution offinancial products and services, the Securities Act, the Code of ethics of the Chambre de Ia Securite Financiere and the Regulation of the Chambre de Ia Securite Financiere respecting compulsory professional development. This holistic and integrated approach to regulating representatives' practice is, based on our experience, a definite advantage.

In 2007, the CSF responded to a consultation of the Office des professions du Quebec (OPQ) that aimed to determine whether the creation of a professional order of financial planners in Quebec was needed. In 2008, the OPQ concluded that the creation of such a professional order was not justified because the regulatory system in place is efficient and is well adapted to address the fact that most individuals with financial planning certification also hold certifications in other financial sectors. Therefore, financial planning activities are adequately regulated by Quebec's existing legal framework, where the CSF, as a multidisciplinary SRO, has the capacity to regulate different aspects of financial advisors' practices. We refer Expert Committee members to the CSF's submission to the abovementioned consultation (attached herewith) for further details on the CSF's analysis of the question.

We would be happy to contribute to the ongoing discussion and welcome Expert Committee members to contact the undersigned for additional information or to further discuss this matter.

Yours truly,

Marie Elaine Farley
President and Chief Executive Officer

Attachement: Memoire de la Chambre de la sécurité financière relativement à la consultation de l'Office des professions du Québec sur l'encadrement des planificateurs financiers, November 30, 2007