CAIFA/CAFP Supports Revamp of Securities Regulation

Professional Association of Advisors Offers Its Assistance to Harold MacKay

Toronto (October 7, 2002) Canada�s largest association of insurance and financial advisors is offering its support to Harold MacKay, recently appointed special representative of Finance Minister John Manley, in his goal of determining the securities regulatory system best suited to Canada’s needs.

“We would welcome the opportunity to work with the federal government in determining a system of regulation that meets the needs of our members and helps ensure the protection of all Canadians,” said Brian Mallard, chair of CAIFA. “We�re offering our help and support to Mr. MacKay as he embarks on this ambitious review of our current securities regulatory system.”

CAIFA/CAFP supports the creation of a single national decision-maker that exercises powers that the provinces and territories have delegated to it on their behalf. A national regulator would ensure the efficient use of resources in a relatively small country, reduce costs to market participants, would bring about effective formation and implementation of policy, and would ensure consumer protection that crosses provincial borders.

The Canadian Association of Insurance and Financial Advisors (CAIFA) is a voluntary, not-for-profit professional association whose members, gathered in 50 chapters, are represented in most major cities and towns across the country. CAIFA members provide financial advice, and market and sell financial products to over nine million Canadians. In September 2002, CAIFA and the Canadian Association of Financial Planners voted in favour of merging their two organizations to create a single organization representing professional insurance and financial advisors. CAIFA/CAFP will become official in Janaury 2003.