Industrial Alliance Clarifies its Position Concerning the Federal National Securities Commission Project
Industrial Alliance Insurance and Financial Services Inc. outlined today its position about the federal project to create a national securities commission. This position is summarized in two points:
- Industrial Alliance believes that the Canadian financial services sector is well-served by the current regulatory framework, including by the Autorité des marchés financiers (AMF) for institutions in Quebec. The regulations are strict and mostly harmonized between the provinces and territories. Industrial Alliance encourages the regulatory authorities to continue working together to further harmonize laws and regulations that govern the financial markets.
- Industrial Alliance believes that what the financial services sector currently needs most is a better enforcement of regulations concerning economic crimes. In this respect, the federal government has an important role to play in structuring the financial domain to be an even better deterrent against crime, by reinforcing criminal proceedings to fight against financial crime, since the criminal code is under its jurisdiction, and by becoming more actively involved in investigations into economic crimes.
"We don't want to see a confrontation on this critical subject for the future of our economies," said Yvon Charest, President and Chief Executive Officer. "We favour dialogue and consensus-building to achieve an optimal, harmonized supervision of the financial system which will satisfy all economic players. The current priority is not to modify structures, which are working relatively well, but to improve laws and invest more resources to better protect Canadians against economic crimes."
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company that offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other financial products and services. The fourth largest life and health insurance company in Canada, Industrial Alliance is at the head of a large financial group, which has operations in all regions of Canada, as well as in the United States. Industrial Alliance contributes to the financial wellbeing of over three million Canadians, employs more than 3,500 people and manages and administers over $60 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG. Industrial Alliance is among the 100 largest public companies in Canada.
- 30 -
Vice-President, Investor Relations
Office: 418 684-5275