The Globe and Mail reports in its Friday edition that mutual fund advisers will be required next year to complete continuing education credits in order to keep their licence, putting them on par with other certified professionals in the financial services industry. The Globe's
Clare O'Hara writes that securities regulators have approved new rules that will make continuing education requirements mandatory for more than 82,000 registered representatives at 111 dealer firms, starting in 2020.
Unlike other industry professionals, such as those licensed to sell securities by the Investment Industry Regulatory Organization of Canada or who hold the certified financial planner designation, mutual fund-licensed financial advisers have not been required to meet continuing education requirements to maintain their licence.
The introduction of an education regime for mutual fund advisers comes amid several other industry initiatives that look to provide greater transparency to investors about how much they are paying financial advisers and the cost of investing. Now, mutual fund advisers, chief compliance officers, and branch managers will have to complete a 30-hour continuing education credit every two years.
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