At FAIR Canada, we believe investors deserve a financial system that puts their interests first. That’s why we welcomed the federal government’s commitment in Budget 2025 to eliminate account transfer fees for registered and investment accounts – an important and long overdue step toward empowering Canadians with their money.
To make sure these fees are also removed for non-registered accounts between dealers and advisors that fall outside federal jurisdiction, provincial regulators and CIRO need to take similar action. Recently, we submitted comment letters to the Autorité des marchés financiers (AMF) and CIRO, urging them to make account transfers faster, easier and fairer for everyone.
Supporting Clear Rules and Timely Transfers
If you’ve ever tried to move your investments from one firm to another, you know it can be a headache. Administrative delays and unexpected complications can lead to missing out on market gains or unexpected tax bills. Surprise fees can make you feel stuck.
We believe moving your accounts should be straightforward, transparent, and free from unnecessary barriers. That’s why we support CIRO’s proposal to set clear standards and timelines for account transfers. We agree that transfers must be completed within a set timeframe, and that clients should be informed up front about any impediments or complications. These changes will help protect you from missed opportunities, unexpected tax consequences, and unnecessary stress.
We also encouraged the AMF to adopt common account transfer rules for all financial institutions it regulates, and to harmonize its rules with CIRO’s proposal.
Spotlight on Barriers and Delays
In our letter to the AMF, we highlighted the significant barriers investors face when transferring accounts between financial institutions. Administrative delays can make you feel like your money is stuck in limbo, leaving you unable to capitalize on market gains or favourable interest rates. Transfer fees add up quickly when transferring multiple accounts and can hit the smallest investors the hardest, especially if they don’t meet the conditions for their new firm to reimburse them. We believe these fees are unfair and, along with the delays, discourage you from moving your assets to institutions that better serve your needs.
We urged the AMF to consider whether a transparent and fair framework is needed to govern account transfer fees so that investors are not unfairly penalized for exercising their right to choose the financial institution that best serves their needs.