Overview
The Portfolio Management Association of Canada[1] (“PMAC“), through its Industry, Regulation & Tax Committee, is pleased to have the opportunity to comment on the consultation paper on the regulation of financial planners (the Consultation) issued by the Ontario Ministry of Finance (Finance).
PMAC has been engaged in the wider consultative process on this topic and made a submission on both the 2016 consultation on Financial Advisory and Financial Planning Policy Alternatives as well as in respect of the Final Report issued by the Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives (the “Final Report”).
PMAC would like to applaud the work of Finance for its leadership throughout this important and interactive consultative process which sought the feedback of a wide variety of stakeholders. We also applaud the Ontario Government’s engagement regarding the recommendations in the Final Report as part of the 2017 Ontario Budget, as well as its reaffirmation of its intention to pursue a stronger regulatory framework for financial planners in the 2018 Ontario Budget.
PMAC believes that the implementation of the recommendations in the Final Report can serve to elevate, harmonize and streamline standards for the good of Canadian investors and the health of the financial services industry.
We continue to support Finance’s efforts to develop legislation to regulate financial planners and, subject to the comments below, support Finance’s proposals as set out in this Consultation.
Capitalized terms used this letter but not defined have the same meaning as in the Consultation
[1] PMAC was established in 1952 and currently represents over 250 investment management firms that manage total assets in excess of $1.6 trillion. Our mission is to advocate the highest standards of unbiased portfolio management in the interest of the investors served by Members. For more information about PMAC and our mandate, please visit our website at www.portfoliomanagement.org.