IS THERE AN FSA EQIUVALANT IN CANADA?
#1
IS THERE AN FSA EQIUVALANT IN CANADA?
Question for financial advisors or anyone who might know please?
Is there a body similar to the UK FSA in Canada?
ie some authority that gives the consumer any protection against incorrect tax, accounting,financial advice?
Reason I ask is im in the process of transfering a pension , setting up a business sorting tax etc
Now im not expecting any protection against stock market fluctautions or poor performing investments obviuosly but is there any governing body that protects against an advisor giving incorrect info regarding the law or anything?
not expecting any problems at all but just wondering really?
same if I went to a tax advisor or an accountant and they gave me incorrect info is there any protection at all?
In other words are financial advisors, accountants, tax advisors etc government regulated at all in Canada?
thanks all
Is there a body similar to the UK FSA in Canada?
ie some authority that gives the consumer any protection against incorrect tax, accounting,financial advice?
Reason I ask is im in the process of transfering a pension , setting up a business sorting tax etc
Now im not expecting any protection against stock market fluctautions or poor performing investments obviuosly but is there any governing body that protects against an advisor giving incorrect info regarding the law or anything?
not expecting any problems at all but just wondering really?
same if I went to a tax advisor or an accountant and they gave me incorrect info is there any protection at all?
In other words are financial advisors, accountants, tax advisors etc government regulated at all in Canada?
thanks all
#2
Re: IS THERE AN FSA EQIUVALANT IN CANADA?
Question for financial advisors or anyone who might know please?
Is there a body similar to the UK FSA in Canada?
ie some authority that gives the consumer any protection against incorrect tax, accounting,financial advice?
Reason I ask is im in the process of transfering a pension , setting up a business sorting tax etc
Now im not expecting any protection against stock market fluctautions or poor performing investments obviuosly but is there any governing body that protects against an advisor giving incorrect info regarding the law or anything?
not expecting any problems at all but just wondering really?
same if I went to a tax advisor or an accountant and they gave me incorrect info is there any protection at all?
In other words are financial advisors, accountants, tax advisors etc government regulated at all in Canada?
thanks all
Is there a body similar to the UK FSA in Canada?
ie some authority that gives the consumer any protection against incorrect tax, accounting,financial advice?
Reason I ask is im in the process of transfering a pension , setting up a business sorting tax etc
Now im not expecting any protection against stock market fluctautions or poor performing investments obviuosly but is there any governing body that protects against an advisor giving incorrect info regarding the law or anything?
not expecting any problems at all but just wondering really?
same if I went to a tax advisor or an accountant and they gave me incorrect info is there any protection at all?
In other words are financial advisors, accountants, tax advisors etc government regulated at all in Canada?
thanks all
#3
Re: IS THERE AN FSA EQIUVALANT IN CANADA?
Hi Chumley,
The same with most things in Canada , regulation is very much based on the Province that you are in.
For example with myself, I am licensed to advise clients on Insurance ( Life, disability, critical illness ) in British Columbia and Alberta and Licensed to provide Investment advice , also in both of those provinces.
In respect to Insurance , I am licensed and regulated by the Insurance Council of B.C and the Alberta Insurance Council.
In regards to Investments , I am licensed and regulated by the Mutual Fund Dealers Association.
I have posted a link to the Financial Services Regulators in Canada.
http://www.gs.gov.nl.ca/cca/fsr/links.stm
Just out of interest , as you are currently transferring your pension, did you not ask the advisor that you are dealing with what qualifications they hold and what their background and experience is before initiating the transfer ???
It has been mentioned on previous posts, but is essential to ask all of these questions and more when looking for a Financial Advisor ! You are right to want to know who regulates them.
There can definitely be an air of suspicion on clients parts when they deal with financial advisers, as with any industry there are always the bad one's which taint it for the decent majority.
Generally if an advisor has been in the business for a considerable amount of time , there is a reason for that. They will have the knowledge, experience and more importantly, they will have built up a base of regular clients , that are happy with the advice and service that they have received in the past, so continue to deal with the advisor.
It's like any profession, if you find a good mechanic or tiler etc, etc, you will continue to use them and recommend them to friends !!!
The same with most things in Canada , regulation is very much based on the Province that you are in.
For example with myself, I am licensed to advise clients on Insurance ( Life, disability, critical illness ) in British Columbia and Alberta and Licensed to provide Investment advice , also in both of those provinces.
In respect to Insurance , I am licensed and regulated by the Insurance Council of B.C and the Alberta Insurance Council.
In regards to Investments , I am licensed and regulated by the Mutual Fund Dealers Association.
I have posted a link to the Financial Services Regulators in Canada.
http://www.gs.gov.nl.ca/cca/fsr/links.stm
Just out of interest , as you are currently transferring your pension, did you not ask the advisor that you are dealing with what qualifications they hold and what their background and experience is before initiating the transfer ???
It has been mentioned on previous posts, but is essential to ask all of these questions and more when looking for a Financial Advisor ! You are right to want to know who regulates them.
There can definitely be an air of suspicion on clients parts when they deal with financial advisers, as with any industry there are always the bad one's which taint it for the decent majority.
Generally if an advisor has been in the business for a considerable amount of time , there is a reason for that. They will have the knowledge, experience and more importantly, they will have built up a base of regular clients , that are happy with the advice and service that they have received in the past, so continue to deal with the advisor.
It's like any profession, if you find a good mechanic or tiler etc, etc, you will continue to use them and recommend them to friends !!!
Last edited by mjwalker007; May 10th 2009 at 10:06 pm. Reason: spelling error !!
#4
Re: IS THERE AN FSA EQIUVALANT IN CANADA?
thanks very much all most useful
apart from the comment sugesting im a bit fick like and would trust me hard earned dosh to any old geezer without checking anyone out
I havent initiated anything yet as Im still exploring options and checking out etc etc
apart from the comment sugesting im a bit fick like and would trust me hard earned dosh to any old geezer without checking anyone out
I havent initiated anything yet as Im still exploring options and checking out etc etc
Last edited by chumley; May 10th 2009 at 10:27 pm.