Advocis Unveils Framework for Effective Regulation in Canada

Models seeks to streamline regulation

Thursday, May 12, 2005, Halifax: Advocis, The Financial Advisors Association of Canada, today unveiled its comprehensive framework for effective regulation in Canada. The Advocis Proposal is subject to consideration and ratification by its members at its annual general meeting to be held on May 13, 2005. This groundbreaking document proposes a new regulatory structure for the financial industry that is designed with consumer protection in mind and leads to a more effective regulatory regime in Canada. The model would see the establishment of a new consumer dispute resolution centre in every province to offer information and dispute settlement services to consumers of financial advice.

�Our aim is to build a model that takes into account all industry participants and creates an efficient regulatory regime in the Canadian financial sector,� noted Steve Howard, CEO and president of Advocis. �The Advocis proposal presents a more responsive and transparent system that establishes effective consumer redress mechanisms and creates a level playing field for financial advisors and intermediaries.�

The new regulatory proposal is predicated on the founding principle that regulation of financial advice should be separate from that of regulation of financial transactions and promotes the recognition of accredited financial advisors as professionals.

Steve Howard confirmed, �once ratified by our membership we will present our model to regulators, politicians and other industry participants. We will seek input and support from all participants in the financial industry in Canada and drive to have this framework implemented.�

The framework specifically calls for the creation of provincial financial services councils, the development of an effective consumer redress system, the establishment of a single securities regulator and the development of a national professional body. The details of the Advocis Framework for Effective Regulation in Canada and other Advocis positions and submissions can be viewed in the Advocacy section at

About Advocis

Advocis, The Financial Advisor Association of Canada, is the largest voluntary professional membership association of financial advisors. With more than 15,000 advisors in 50 chapters across Canada, Advocis members provide financial and product advice to over 12 million Canadians across a variety of distinct areas, including: estate and retirement planning, wealth management, risk management, and tax planning. Members adhere to a strict professional Code of Conduct, subscribe to standards of best practice, meet ongoing continuing education requirements, maintain appropriate levels of professional liability insurance and are committed to putting their client interests first. The Association�s Web site is

About the CLU Institute

The CLU Institute is the accreditation, education, disciplinary and marketing body for the Chartered Life Underwriter of Canada designation. CLU advisors are experts in advanced life insurance applications, tax and estate planning solutions. Almost 4,000 advisors have earned the CLU designation. The organization’s Web site is