MFDA Rule 2.12.2 requires Members to act diligently and promptly to facilitate the transfer of accounts in an orderly and timely manner. However, account transfers in the mutual fund industry often also involve non-MFDA Members. The transfer process can also be complicated depending on the assets being transferred, the type of account and the financial intermediaries that hold the assets. As transfer delays can have a significant impact on clients, the MFDA is engaging in a broad industry consultation with all stakeholders, including mutual fund companies and service providers, with a view to improving the transfer process.
Request for Feedback
MFDA is seeking feedback from all stakeholders in respect of their views, experiences and recommendations regarding account transfers. This consultation is preliminary in nature and is intended to identify circumstances that contribute to delays in the transfer of assets and potential solutions to improve the process. Input is specifically requested in respect of the questions set out below.
Please submit your comments in writing on or before September 29, 2020. All comment letters received will be published to the MFDA website unless MFDA staff receive a request from the commenter asking that their letter not be made public. Comments should be addressed to the attention of:
Director, Member Education & Membership Services
Mutual Fund Dealers Association of Canada
121 King Street West, Suite 1000
Toronto, ON M5H 3T9