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Canadian MP tables financial advice reforms

A Bill regulating the financial advice industry has been introduced into the legislature of the Canadian province of Ontario, and welcomed by the country's advice industry body.

Liberal Member of Provincial Parliament (MPP) Rick Bartolucci introduced a private member’s Bill this week that would see financial advisers compelled to register with a new self-regulatory body.

Having pushed for reforms of this kind for more than a decade, Canadian advice industry association Advocis has warmly welcomed the introduction of the Bill.

Doctors, lawyers, engineers, accountants and many other groups are regulated as a profession. It's time for those who are critical to the financial well-being of so many Ontarians to be regulated as well, said Advocis president and chief executive Greg Pollock.

“We want to maintain the highest level of trust and confidence in our profession. We want to prevent the unqualified from practising, and put the unscrupulous out of business.”