Advocis issued Thursday what it said was a “groundbreaking” proposal aimed at protecting consumers and providing a more effective regulatory regime in Canada.

The proposal, released in Halifax at the group’s annual meeting, calls for a regulatory structure that would see the establishment of a new consumer dispute resolution centre in every province to offer information and dispute settlement services to consumers of financial advice.

“Our aim is to build a model that takes into account all industry participants and creates an efficient regulatory regime in the Canadian financial sector,” Steve Howard, CEO and president of Advocis, said in a statement. “The Advocis proposal presents a more responsive and transparent system that establishes effective consumer redress mechanisms and creates a level playing field for financial advisors and intermediaries.”

The proposal calls for the creation of provincial financial services councils, the development of an effective consumer redress system, the establishment of a single securities regulator and the development of a national professional body.

Advocis said it is “predicated on the founding principle that regulation of financial advice should be separate from that of regulation of financial transactions and promotes the recognition of accredited financial advisors as professionals.”

“Once ratified by our membership we will present our model to regulators, politicians and other industry participants,” Howard said. “We will seek input and support from all participants in the financial industry in Canada and drive to have this framework implemented.”