2023 IFB Year-In-Review

We often hear that one of the most important reasons for being an IFB Member is the advocacy and collective voice we give them, as independent practitioners. For nearly 40 years, IFB has been doing just that – never straying from the mission which defines us.

So, in this Update, we take a brief look back at IFB’s work to represent our members - throughout 2023, and what’s on our radar for 2024.

IFB’s 2023 activities that represented our members, and the independent distribution channel, with regulators, industry, and other stakeholders, across Canada.

• IFB regularly submits position papers to governments and regulators that comment on issues of importance.

In 2023, IFB submitted 9 formal responses to government, insurance, and securities regulators in response to public consultations. Topics ranged from the Financial Planner/Financial Advisor title protection framework in Ontario and under consideration in several other provinces, to fees, to proposed regulatory priorities. IFB publishes its Position Papers on the IFB website, making them available to members and the public to review.

On occasion, IFB is asked to respond to regulators on a pre-consultation, confidential basis to help in the early stages of the development of a new policy or regulation. In 2023, we attended meetings with regulatory task forces and provided written comments in several such cases.

• IFB Regulatory Updates keep you apprised of changes that may affect your business and your clients.

In 2023, IFB emailed 10 monthly, Member-Exclusive Regulatory Updates, in addition to this Year-End edition. Each Regulatory Update covers the life/health insurance sector, securities sector, financial planning/financial advisor framework updates, and any other news of interest, which can include changes to tax-estate law, anti-money laundering rules, privacy, and so on.

Many organizations send curated links to published news articles that you can get from the news/industry sources you already subscribe to. Only IFB takes a ‘personalized’ approach that focuses on our members’ priorities. You can access 2023 Regulatory Updates and previous years’ Updates in the Member section of the IFB website.

• IFB Board members and staff represent IFB at meetings, on task forces and on stakeholder committees – giving you a “seat” at tables of influence.

IFB Board members, in addition to their other governing responsibilities, voluntarily commit to spend time preparing for and attending industry and regulatory meetings. Current examples include Board members representing IFB on FSRA’s Financial Planner/Financial Advisor Stakeholder Committee, FSRA’s MGA Technical Advisory Committee, and FSRA’s Segregated Funds Technical Advisory Committee.

IFB staff represent IFB on FSRA’s Life and Health Insurance Stakeholder Committee which meets with FSRA senior management and the FSRA Board. Staff also meet with the national life insurance regulatory associations – the CCIR and CISRO - as well as various industry associations to discuss shared priorities and objectives.

• Education – your key to ongoing success and meeting mandatory licensing requirements.

Continuing education is not only a mandatory licensing requirement for life licensees and securities registrants, but keeps you apprised of the latest regulatory changes and best practice expectations.

IFB offers curated educational events, seminars and workshops that are cost-effective and convenient. Many courses are free for IFB members. Our educational platform, CE Central, is open 24 hours a day, 7 days a week.

A look forward – What’s on our radar for 2024

Below, we provide a thumbnail sketch of the issues that will receive regulatory attention in 2024. In general, we expect a continued focus on evaluating client outcomes, managing conflicts of interest and regulatory compliance.

• Total Cost Reporting (TCR): Continues toward implementation with the goal of increasing awareness of the ongoing costs of owning segregated funds and mutual funds.
• Continued integration of the mutual fund and investment dealer networks under CIRO.
• Managing General Agency (MGA) model: More regulatory analysis of the MGA channel. In Ontario, FSRA has issued a consultation on licensing suitability for MGAs and life agents.
• Compensation, incentive arrangements and conflicts of interest. Monitoring consumer outcomes to determine if consumers are being treated fairly.
• More life agent examinations. Consideration on whether industry best practices should become regulatory requirements.
• Continued regulatory sweeps by CIRO. Examining uptake of client focused reforms (CFRs) by dealers and advisors. An expectation of more enforcement and higher penalties.
• Financial Planner/Financial Advisor title restrictions across Canada. Development of regulations in various jurisdictions which have introduced legislation. End of transition period in Ontario for FAs. FSRA to undertake review of current framework.
• Implementation of restricted licensing regime in British Columbia. The Insurance Council will consult on rules and oversight for the restricted licence category.
• Advising senior, vulnerable clients. More guidance, regulatory expectations.

We know you are busy running your financial practices and working to provide the best advice to your clients. It has always been evident to us that IFB members care deeply about their clients and the industry they work in. IFB strives to lessen the burden of keeping up-to-date through regular communication, and always welcomes your feedback!

To receive our 2024 updates and access to previous editions, join today and be a part of a community of like-minded financial professionals. Visit ifbc.ca/become-a-member to learn more and start your journey. 

As always, you can send any comments to us at comments@ifbc.ca

Disclaimer: IFB newsletters and updates are provided for informational purposes for the convenience of IFB members. They are not intended to be a comprehensive review of the topics discussed, or to be used as a substitute for professional advice.