The Investment Funds Institute of Canada (IFIC) supports plans for a new continuing education (CE) requirement for mutual fund reps proposed by the Mutual Fund Dealers Association of Canada (MFDA), but recommends a handful of tweaks to the new regime.
“A majority of our member firms are already providing ongoing education and training to their advisors. Formalizing this practice through a mandatory CE program will bolster the overall level of professionalism by creating more consistency of training across all channels and ensuring that advisors have the knowledge to help their clients achieve their financial goals,” Paul Bourque, president and CEO of IFIC. says it a statement published on Friday.
“In today’s rapidly evolving investment marketplace, mandatory continuing education will lead to continued positive outcomes for investors.”
In a comment letter to the MFDA, IFIC says its recommendations will strengthen the MFDA’s proposals, and make them more consistent with the requirements set by other industry regulators, such as the Investment Industry Regulatory Organization of Canada, and the Chambre de la sécurité financière.
Read: IIROC proposes changes to CE program
Among other things, IFIC recommends:
- the MFDA give reps that haven’t met their CE obligations time to correct the deficiency before their registration is suspended;
- the rules make it easier for reps to return after an absence from the industry, such as an extended maternity leave; and,
- the MFDA consider pre-approving certain professional education programs.
The deadline for comments on the MFDA proposals is April 28.
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