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Advocis responds to preliminary report on the review of FSCO, FST, and DICO

TORONTO, Nov. 6, 2015 (GLOBE NEWSWIRE) -- The expert committee tasked with the review of the mandates of the Financial Services Commission of Ontario (FSCO), Financial Services Tribunal (FST), and the Deposit Insurance Corporation of Ontario (DICO), released their preliminary position paper on November 4.

Advocis is pleased that investor protection is a central focus within the preliminary position paper. The committee has been charged with resolving a number of complex issues facing Ontario's financial services sector. While lacking in detail, the committee's interim report provides reason for both consumer and advisor optimism. The proposed Financial Services Regulatory Authority (FSRA) accommodates Advocis' simple and elegant proposal for a professional body to oversee the standards and conduct of all financial advisors, inclusive of planners in Ontario.

As the committee members shape their final recommendations, Advocis encourages them to take a holistic approach to their solution, ultimately ensuring that their intended objective of consumer protection is achieved with as little disruption to the regulation of product manufacturers as possible.

Advocis welcomes further discussion on this matter and intends to answer the committee's call for feedback on their preliminary report.

For media inquiries or to speak with Greg Pollock, President and CEO, Advocis, please contact: Darlene Francis, Director, Corporate Communications and Marketing, at 416-342-9896 / 1-800-563-5822, ext. 9896 or dfrancis@advocis.ca

About Advocis

Advocis, The Financial Advisors Association of Canada, is the association of choice for financial advisors and planners. With more than 11,000 members in 40 chapters across the country, Advocis is the definitive voice of the profession, advocating for professionalism and consumer protection. Advocis works with decision-makers and the public, stressing the value of financial advice and working toward an environment in which all Canadians have access to the advice they need. www.advocis.ca

CONTACT: Darlene Francis, dfrancis@advocis.ca or 416-342-9896

Source:Financial Advisors Association of Canada(Advocis)