January 16, 2018 11:30
The Association of professional advisers in financial services (APCSF) account on «no-shows» to look for specific consultations, public hearings of the Committee on public finance on bill 141.
To this day, groups such as theInstitut québécois de planification financière (IQPF) and the Council of investment funds in Québec (CFIQ) have defected. Another would not, however, the passage of the APCSF to the auditions.
Several organizations on the waiting list
«Eight or nine other organizations are included in the waiting list,» said the president and spokesperson of the APCSF, Flavio Vani, during a press conference held in Montreal on Monday 15 January. He added that on Wednesday the 17 of January is the last day to be invited.
The APCSF continues its representations to be more on the radar of the minister of Finance, Carlos Leitao. In the margins of the press conference, Flavio Vani has told the Journal of insurance have requested an extension of the consultations, a request has remained unanswered to this day.
Present at the conference, a member and ex-secretary of the APCSF, Martin Drapeau, urged members who have political contacts to see the board of directors to consider their registration in the lobbyists Registry. The idea is to make a counterweight to major financial institutions, he said.
For its part, the Council of professionals in financial services (CDPSF) has had the chance to pass an audition before the Holidays. Mr. Vani recalled that the special consultations are by invitation only, and that only the minister has the power to decide who to invite. According to him, the government is not warm to the idea of aligning the participants, who insist on the gaps in the bill.
The APCSF is particularly concerned about the weakening of the role-board with the advent of Internet sales without a representative, and rules of conduct of councillors which would be weakened by the fusion of the Rooms. «It is understandable that the government does not want those who will put the finger on the problem,» he says.
An association vs. a company
Why the CDPSF has he been able to do it ? «The CDPSF is a company for profit that sells the training. We are an association within the meaning of the Law on professional trade unions, and defend only the interests of our members, the self-employed in financial service. The CDPSF represents all advisers, including those of banks «, has been argued by Mr. Vani. The president of the APCSF has flayed the CDPSF the passage way, reproaching him for having monopolized a good part of his hearing in front of the minister to spread out its course offerings.
Conduct peer threatened
After its public release last week on the filing of its brief on 141 to l’national Assembly, the APCSF has taken advantage of the press conference to emphasize the uncertainty that surrounds the fate of the ethics of financial security advisors, in the event of the merger of the Chamber of financial security.
The association does not want a judge to decide the outcome of a hearing on a complaint without necessarily follow the recommendations of the peers. «The peer review committee in professional ethics is not specified anywhere in the bill. With the new Tribunal of the financial markets, we will pick two peers, we don’t know who or what will be their profession, and the judge will have no obligation to listen to their suggestions. He will be able to decide unilaterally «, said Mr. Vani. «We want a committee of peers, whose suggestions will be taken into account. «
Flavio Vani also wants to ensure that the complaint process remains free, in the sense that the 141 leaves the possibility to do so directly from financial institutions, so that there would be a fee if they are made through a third party, such as theAuthority of the financial markets.
«A bill that puts the emphasis on the products»
Flavio Vani pointed out that the steps of the APCSF are intended to protect the rights of its customers, » who are our employers «. In the margins of the conference, the vice-president of the APCSF, Michael Luciani has also commented that the APCSF has over 1000 members registered volunteers, of which about 400 paying members, this is a portevoix for hundreds of thousands of customers.
For its part, the treasurer of the APCSF, Bertrand Larocque, said to be worried about a bill that puts the focus on the product rather than the council, in its opening to the direct sales through the Internet. «A cheaper product that does not meet the needs of the customer, it is already too expensive,» he started. He rebelled also against the fact that the law allows financial institutions to allocate securities to their advisers, particularly within the firms securities.
Similarly, who will be responsible in a firm that sells insurance directly over the Internet, through an employee who is not certified? If these firms do not employ only one certified and several employees not certified to sell insurance, the leaders fear among other under-funding of the compensation fund. «It is the self-employed worker who will have to pay the big premium to the fund. This bill must be amended, » concluded Mr. Vani.