Industry News

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Life insurance industry beefs up compensation disclosure standards

(December 21, 2004) Canada’s life and health insurance industry today released a package of reforms aimed at boosting consumer confidence and increasing transparency. The initiatives include a requirement that life agents disclose how they are compensated. “We’re saying that the customer will receive a disclosure document covering how intermediaries are compensated, including possible eligibility for […]

By Doug Watt |December 21, 2004

3 min read

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Briefly:

(December 24, 2004) Canadians receiving the Canada Pension Plan will receive a 1.7% increase in the new year, however Old Age Security rates will remain unchanged. The federal government adjust CPP rates annually and OAS rates quarterly. CPP rates are based on inflation over the last 12 months. The Guaranteed Income Supplement and Allowance programs, […]

By Staff |December 20, 2004

9 min read

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Fair dealing designer leaves OSC

(December 20, 2004) Julia Dublin, the architect of the Ontario Securities Commission’s controversial fair dealing model, has left her position as the regulator’s senior legal counsel. Dublin hasn’t worked at the commission since the end of November, but her departure became widely known last week when the OSC hosted a going-away party for her. Rumours […]

By Doug Watt |December 20, 2004

2 min read

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Ontario limits trust investors’ liability

(December 17, 2004) The Ontario government has finally passed legislation limiting liability for trust beneficiaries, as Bill 106 was given royal assent on Thursday, becoming the Trust Beneficiaries Liability Act. The move was immediately applauded by organizations representing publicly listed income trusts, as the theoretical liability issue was seen as a key obstacle to institutional […]

By Steven Lamb |December 17, 2004

4 min read

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Don’t take the blame for fund scandals, advisor says

(December 17, 2004) Advisors should distance themselves from the recent mutual fund market timing investigations, says author and Toronto-based advisor John De Goey, since they were unaware of the practice. The Ontario Securities Commission effectively wrapped up its fund probe on Thursday, announcing settlement agreements with AGF, AIC, CI and Investors Group worth $156.5 million. […]

By Doug Watt |December 17, 2004

3 min read

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Fundcos to refund millions to investors

(December 16, 2004) The four mutual fund companies at the centre of a regulatory investigation into market timing have agreed to a settlement totaling $156.5 million. AGF Funds, AIC, CI Mutual Funds, and I.G. Investment Management agreed to penalties and investor restitution as the Ontario Securities Commission announced it had concluded its year-long investigation into […]

By Steven Lamb |December 16, 2004

5 min read

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Tighter monetary policy to reduce asset returns: Economists

(December 16, 2004) Thanks to a global economic expansion of 5%, 2004 has been the strongest in the past 30 years. While growth is expected to decelerate in 2005, it will likely still be above trend, says Clément Gignac, chief economist at the National Bank of Canada. Gignac’s was one of a sheaf of reports […]

By Scot Blythe |December 16, 2004

3 min read

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Brokerages hit with $41 million in penalties

(December 16, 2004) Three Canadian bank brokerage firms have been penalized more than $41 million by the IDA for mutual fund market timing violations. It’s the largest penalty decision ever issued by the brokerage industry association. The penalties, described by an IDA panel investigating the matter as “very substantial,” were announced Thursday afternoon in Toronto, […]

By Doug Watt |December 16, 2004

3 min read

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AIC settles with Ontario regulator

(December 15, 2004) Mutual fund firm AIC has reached a settlement with the Ontario Securities Commission over allegations related to market timing. The Burlington, Ont.-based firm is the last of four firms publicly named by the OSC to reach a deal. Investors Group, AIC, AGF and CI will appear before an OSC panel on Thursday. […]

By Doug Watt |December 15, 2004

2 min read

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Fund sales start RSP season on a high note

(December 15, 2004) The beginning of RRSP season helped boost mutual fund sales in November, with net sales of long-term funds hitting their highest point since April 2004, according to the latest data from IFIC. “Net sales for long-term funds for the month of November were $1 billion,” said Tom Hockin, president and CEO of […]

By Steven Lamb |December 15, 2004

3 min read

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