Speaking to a crowd of independent financial advisors at the IFB Spring Summit chairman John Dargie offered up a strong, forceful defense of the rights of brokers.
In a presentation to the summit Dargie lauded the death of Bill 157 on the order paper in the wake of an Ontario elections call. "It's over, for now," said Dargie.
Bill 157 would have layered a new lot of regulations on advisors in Ontario. The bill would have created a single proficiency standard, code of conduct and continuing education requirements. The bill also proposed the formation of a new regulatory body that would create regulations and levy fines against registered advisors. In an era when margins and returns are tighter than ever, many in the industry are dismayed at the barrage of government regulations.
Some are beginning to push back.
The federal the Ombudsman for Banking Services and Investments has begun issuring demands to firms to compensate clients in disputes. But a growing list of advisory firms has gone “on strike” against the OBSI as those in the industry feel the new obligations are getting out of hand. Bill 157 was another example of the advisor industry making an easy target for governments eager to be seen working for the average person.
"We don't need extra layers of governance…We are professional people. We are not the bottom of the barrel," said Dargie to the crowd. He noted proposals similar to Bill 157 are popping up in other parts of Canada.
"What we've seen here in Ontario has given us a glimpse of into what our future as advisors might look like if we don't work together and make our voice heard," said Dargie.