Posted on: April 11, 2014, by : Melody B

FSCO to Plan Suitability of Life and Mortgage Product Suitability

Ontario plans on reviewing the suitability of life insurance products sometime in the following year. Key to this review is the study of how agents/brokers respond to the financial literacy needs of their clients. At the same time, FSCO may also collaborate with the Ministry of Finance to assess the solvency regulation of the insurance industry, and develop ideas to be applied multiple jurisdictions to benefit from their potential economies of scale. FSCO also intends on releasing financial literacy and fraud prevention initiatives.

It’s very likely these changes will result in a better informed client via due process, whose level of financial discernment and awareness will only strengthen over time. To stay ahead of the curve, it’s important for financial advisors to embrace these changes with a commitment to financial education.