In his first address as the chairman of the Investment Fund Institute of Canada, Robert Frances pledged to maintain a relationship between IFIC and regulators that is “more proactive than reactive.”

Frances gave the opening talk entitled “The Way Ahead” Tuesday morning in Toronto at the IFIC’s 21st Annual leadership conference. Frances, the president and CEO of Montreal based PEAK Financial Group asserted that “this more participatory and collaborative approached brings about better results in developing regulatory and public policy outcomes.” This spirit of cooperation comes at a time when the mutual fund industry and the financial services industry as a whole are staring down the barrel of upcoming registration reform, regulatory changes to Point of Sale disclosure, and the regulators themselves with ongoing debate over the passport model.

Frances ceded the stage to IFIC president and CEO Joanne De Laurentiis, who spoke to IFIC’s place in an innovating industry. “My number one priority is to build upon the very important improvement we have already carried out in IFICs collaborative business relationship with regulators” De Laurentiis said.

Frances and De Laurentiis both credited outgoing IFIC Chairwoman Brenda Vince, president, RBC Asset Management for setting the cooperative tone, and are keen to work closer with regulatory bodies. Said De Laurentiis “we want to continue to make progress in becoming involved earlier in the rulemaking process, well before regulators reach the point where they are sending us rules and asking for comment.”

As Frances pointed out that if IFIC “is not actively engaged in the [regulatory] process, we cannot complain about the outcome” and called on IFIC members to make their own opinions known.

The mutual fund industry in Canada employs some 90,000 people and provides capital to companies large and small. Despite the fact that Frances and De Laurentiis are preaching vigilance, the industry is at the top of its game, and continuing to grow and innovate.

Mutual funds remain the preferred investment for Canadians, along with the family home. With that kind of market share comes “responsibility” said Frances and he intends to promote the core “value proposition inherent in the mutual fund product and the confidence Canadians place in thecompetence and integrity of their financial adivisor.” IFIC’s work with Pollara, who, for the second year, has surveyed Canadian investors, for the institute gives credence to Frances’ and De Laurentiis’s position.

IFIC has made many changes in the last year to consolidate its position in that industry. They have redesigned and improved their Web site at www.ific.ca.

The assocition has also restructured its professional staff and “strengthened the delivery of mutual fund and life insurance education services to the industry” — IFSE, the provider of Canadian Investment Funds Course and the Life Licence Qualification Program and IFIC now have separate boards but will continue to work closely.