The financial security chamber continued to be alive in 2021

The members of the Financial Security Chamber were able to read the annual report at their annual general meeting on June 15. The annual report is entitled “A plus for the protection of the public”.

In a message to members, the chairman of the board of directors of the chamber, Alain E. RoyHe stressed that the transformation of the body continued in 2021 despite the context of the pandemic and the acceleration of the digital turn.

This transformation changes consumer behavior and attention and influences the profession “and this is where public protection bodies will need to be more vigilant,” he added.

Mr Roy said the board had adopted a $ 2 million (M $) reserve to ensure the sustainability of information technology infrastructure and solutions. This amount was added to $ 2.5 million to invest in the previous two years.

The Chairman of the Board also mentions the Plan for maintaining a stimulating workplace, developed by the management team. Employees expressed a 97% satisfaction rate with this plan.

De son côté, President and Chief Executive Officer of the Chamber, Marie Élaine Farleyemphasizes continuing education, citing the “Customer Voice” project, which has transformed the House’s call center into a “value-added service center.”

The new portal now allows compliance officers and cabinet managers to consult in real time the number of continuing education units (CFUs) of their representatives who will consent, thanks to the partnership with the Quebec Investment Funds Council (CFIQ).

Ms Farley also reported another deal withCanadian Association of Mutual Fund Brokers (ACFM) also allows for the recognition of accredited training by the Chamber for members who have a right of practice under the jurisdiction of the ACFM.

Regarding the transformation to make the organization more agile and innovative, Ms. Farley notes that it has “improved our way of doing things, increased team accountability, built on our talents, and worked more collaboratively ”.

ProLab

The third edition of the training event took place on June 15 ProLab CSF, this time in person. The second edition held in 2021 had 1,400 participants virtually. Nearly 400 people were present at the 2022 edition, according to the press release issued at the same time for the Chamber.

Two new bands from the 2021 edition have been posted online on the Chamber’s website. Two more were added.

The update of the House’s digital platform has increased the number of users by 81% in 2021 compared to 2020.

Union and discipline

The annual report also reports on the reduction of the terms of investigation of the trustee’s office. The number of cases over 12 months under investigation was found to be 26 in 2021, compared to 125 in 2018.

In addition, in January 2021, the trustee of the House held a virtual meeting with 71 compliance officers.

On the side of the disciplinary committee, on the note that the virtual mode will be used for auditions, especially for those that are not said to be short-lived.

The service InfoDéonto has also benefited from the new digital platform of the House, as the number of pages viewed in 2021 has more than quadrupled compared to the previous year.

As a reminder to the 32,742 members of the chamber, less than 0.5% of the two were seen by the disciplinary decisions. The number of open cases has also dropped, from 571 in 2020 to 422 in 2021.

The trustee found that only 37 cases were filed with the disciplinary committee in 2021, compared to 55 in 2020. The complaints involved a total of 70 charges. In 119 cases, the trustee sent them an administrative measure.

In 2021, the trustee applied for and obtained an interim removal order. This exceptional procedure has not been used since 2018.

A total of 66 decisions were taken by the disciplinary committee in 2021 and 235 sanctions were taken. The fines imposed totaled $ 224,000.

Poll

Quebecers’ habits and personal finance preferences have changed since the beginning of the pandemic, according to a recent survey commissioned by the company. Lightweight.

In its June 13 statement, the House reported on the highlights of the poll:

  • sept Québécois sur dix (70%) do not inquire about personal financial questions. On the other hand, 58% of them do business with a counselor, an experience they find positive;
  • nearly 9 out of 10 Quebeckers believe that this relationship with their advisors has access to the best financial information;
  • some 56% of respondents prefer to hold these exchanges with an advisor rather than use technology tools on their own (25%);
  • Among the technologies that will be available in the future, respondents expressed their interest in savings calculators (69%) and a tool for knowing the financial situation (67%). What level of interest goes down when it comes to the question of artificial intelligence tools to help make financial decisions (44%) or to a financial robot that has shown advice (32%);
  • over the next five years, 43% of respondents believe they will do business with a human advisor, compared to 31% who plan to do business with a financial robot.

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