Several industry organizations have asked Quebec's Ministry of Finance to extend the consultation period for the Report on the Application of the Act respecting the distribution of financial products and services (Bill 188). The comment period is currently scheduled to end on September 11, 2015. The Quebec association for financial services professionals, the Conseil des professionnels en services financiers (CDPSF), filed a request for an extension with the province’s Minister of Finance Carlos Leitao on Wednesday afternoon. The association’s CEO, Mario Grégoire, told The Insurance and Investment Journal that the CDPSF hopes to be able to submit its recommendations sometime in mid-December and that an extension would allow them to poll members for their opinions on the matter.
"Given the important issues in this overhaul of the profession, we really want to give it thorough consideration," commented Mr. Grégoire. "At the moment, however, it is very difficult to survey advisors since the summer holidays have begun."
Quebec's general insurance body, the Chambre de l’assurance de dommages (ChAD), has already sent its request for an extension to the minister. "Given the summer holidays, when it is difficult to coordinate everyone's schedules, the Chambre's board recommends a postponement to allow us to come together and send the Minister a complete answer, so that he can make an informed decision," said Véronique Lieutaud, who is responsible for communications and public affairs at the ChAD.
As for Quebec's life insurance SRO, the Chambre de la sécurité financière, it is asking that the consultation period be extended until the end of October. "We are concerned that everything is taking place during the summer months. These are important issues that the minister is raising. We want to make sure we do things properly, so that we provide good answers and offer solutions to the Minister," said its CEO Marie Elaine Farley.
The Regroupement des cabinets de courtage d’assurance du Québec (RCCAQ), a coalition of insurance brokerages, was contacted by The Insurance and Investment Journal and indicated that it is not part of the group asking for more time. RCCAQ's CEO Guy Parent said that they have not asked for the Minister for an extension.