New guidance from FP Canada says that when a financial planner is switching firms and their current employment contract prevents them from telling clients about the move, the planner must take steps to ensure the firm informs clients. For example, the planner could request in writing that their manager advise clients of their departure. The guidance, related to withdrawing services as well as to referrals, provides additional client scenarios and supports the certification body’s standards of professional responsibility.

The Canadian Securities Administrators aim to modernize certain aspects of fund disclosure, mainly by replacing the existing Management Report of Fund Performance with a streamlined, investor-friendly report that’s easier to read and understand. The regulators also propose adopting the fund expense ratio — the total of the management expense ratio and the trading expense ratio — in Fund Facts and ETF Facts disclosures. The consultation’s comment period ends in January.

A chief executive change at a big bank was also announced this week, as Raymond Chun, currently the group head of Canadian personal banking with TD Bank Group, was tagged to succeed CEO Bharat Masrani. Chun, who has mostly worked within the bank’s Canadian business, will first become chief operating officer in November before taking the helm in April 2025. The appointment comes as TD faces fallout stateside related to its anti–money laundering controls.

Advocis also has a new leader: Kelly Gorman, formerly executive vice-president of governance advisory with Kingsdale Advisors in Toronto. Gorman’s strategic vision will be key as the association rebuilds following its financial crisis. The appointment is effective this coming Monday.