New Life CE Course – Client Focused Reforms

New Life CE Course – Client Focused Reforms

Client Focused Reforms

Credit Hours: 1

Credit Type: Life – Technical

Credit #: AIC#60354; MB38767

Accrediting Provinces:

Included as part of the ILScorp Life/A&S CE Subscription.


The Client Focused Reforms that came into effect in 2021 have created a significant amount of dialogue, and more than a few questions. Stakeholders want to be prepared for the changes, to meet the expectations, and to incorporate practices which will result in the desired goals.

Several branches of the industry have come together in a committee to respond to the questions posed by stakeholders. The Canadian Securities Administrators (CSA) convened a Client Focused Reforms Committee which includes members of its own, as well as staff from the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada.

The committee has studied the questions raised and put together a document to provide guidance on operational issues and questions shared by industry stakeholders. In that document the Committee expresses its aim as follows:

Our responses are intended to add clarity on how certain requirements under the CFRs should be operationalized, while preserving flexibility to the extent possible for registrants to operationalize those requirements in the context of their particular business models.

We are not able to provide tailored responses to questions raised by individual registrants, or to provide detailed comments on policies, procedures, controls, sample documents, sample disclosure templates or sample checklists.

The responses to the questions below do not constitute legal advice. We will publish responses to additional questions submitted to the Committee during the phased transition period of the CFRs. We may also provide additional guidance in the future, after the CSA and SROs have had the opportunity to review how different registrants have implemented the CFRs and to assess best practices. We encourage registrants to plan now so that they will be in compliance with the new requirements once in force.

The responses set out below represent the views of staff in CSA jurisdictions and do not necessarily represent the views of the individual securities regulators.


Course Purpose

The purpose of this course is to bring attention to the new Client Focused Reforms that came into effect in 2021. The questions posed demonstrate the depth of thought which members of the industry have given the new measures. Participants will be directed by questions raised by their peers, to review the full, original document NI 31-103 and its Companion Policy. That review, in itself, will be a worthwhile undertaking, but the main purpose of the course is to bring the combined thinking of industry leaders to you, participants as they consider and respond to the stakeholders’ questions.


Course Content

Will include…

Questions and Concerns expressed by Stakeholders

With respective Responses and Clarifications from the Committee around the following topics:

Training Modules (with regard to requirements)

Risk Profile and Sufficiency of KYC Information

Keeping KYC Information current (requirements)

Best Interest Standard (How registrants can ensure compliance with the standard)

Material Conflicts

Consent (with regard to material conflicts of interest)

Mutual Funds (with regard to Disclosure)

Product Assessment Requirements (regarding Proprietary and Non-Proprietary products)

Pre-Trade Controls

Post-Trade Reviews

Purchasing Assets from a client outside the course of business (amendment thereto)

Addressing conflicts of interest at the supervisory level (Branch Managers)

Proprietary Products as Material Conflicts of Interests

Conflicts of Interest Records (Requirements for Documentation)

Portfolio Managers (with regard to Dealing with Clients)

Contractual Arrangements (Fiduciary Duty)

Disclosure of conflicts of interest

Definition of Referral Fee

Referral Arrangements (with regard to Due Diligence)

Misleading Communication

Business Titles (Branch Managers/Permitted Clients)

Relationship Disclosure Information

Implementation Timeline (re: RDI requirements for new and existing clients)

Disclosure relating to conflicts of interest

General description of fees

Understanding Fees and Expenses

Pre-trade disclosure of charges – MERs

Hybrid Service (with regard to expectations around this aspect of client service)


Course Objectives

Successful participants of this course will

  • Have a heightened awareness of the complexity and the nuances surrounding the matters described in the Reforms to Enhance the Client-Registrant Relationship (Client Focused Reforms)
  • Have an appreciation of the professionalism of their peers who put so much thought and effort into reading the amendments and reflecting on how they will influence operations and practices
  • Be enlightened by the responses and clarifications which resulted in this document

provided by industry leaders

  • Be more aware of the scope and intent of the regulation of client-focused relationship
  • Be more knowledgeable with regard to the specific details of expectations around all the topics listed in the course content including:

Training requirements

Risk Profiles

Documentation and record keeping

Conflicts of interest,

Disclosure of information

Contractual Arrangements

Fiduciary Duty

  • Be encouraged to take responsibility for implementing changes in their practice to meet the new standard
  • Be inspired to provide leadership and initiate dialogue among peers with regard to the amendments
  • Be prepared to provide informed support of changes in the operation of their firms towards a full achievement of the standards


Course Format

The course content is the full response document of the Committee, to the stakeholders’ questions. Quiz questions provided will allow participants to gauge their grasp of the material.

CE Courses for Canada’s Life Insurance Licensees

Are you currently working from home?


Do you need Life or A&S CE Credits to renew your life insurance license?


ILScorp offers high quality online continuing education courses for Canada’s Life Agents and Financial Planners. The courses are provincially accredited and completed entirely online, anywhere you have an internet connection. So go ahead, get your CE credits done sitting at your kitchen counter or on the living room sofa… we won’t tell anyone you’re in your pajamas.


All life licensees must meet the continuing education requirements of their province for each licence year, and maintain valid records of continuing education course completion in case of audit. When you complete your life insurance CE credits with ILScorp, we keep a digital record of your completed course history on file for up to 7 years.  You can print your CE certificates immediately after you pass the course or print them at any time you need to.


ILScorp currently has a catalog of over 80 accredited Life/A&S courses, with a majority of them dually accredited by FP Canada for Canadian Financial Planners. New courses are added regularly and as a subscriber you receive access to all new material at no extra cost.

Courses are available in text or video format and cover the following (although not exhaustive) concepts or products:


  • Individual Life Insurance
  • Types of Life Insurance Products
  • Riders and Supplementary Benefits of Life Insurance
  • Benefits of Life Insurance
  • Beneficiary Designations
  • Taxation of Life Insurance
  • Policy Assignments
  • Replacing, Cancelling or surrendering a life insurance policy
  • Death Claims
  • Credit Protection, Bypass of Probate and Guarantees
  • Risk Management Strategies
  • Economics
  • Taxation
  • General Financial Planning
  • Tax Planning
  • Estate Planning
  • Retirement Planning
  • Portfolio Management
  • Wealth Creation
  • Needs Analysis
  • Income Splitting
  • Concepts or Strategies for Individual Life Insurance Products
  • Planned Giving
  • Intergenerational Wealth Transfer
  • Investment Funds
  • Annuities
  • Group RRSP’s
  • Pension Plans (Defined Benefits, Defined Contribution, IPP, RCA)
  • Government Benefits
  • Cash and debt Management
  • Budgeting
  • Banking
  • CPP Death Benefits
  • Underwriting
  • Contract Law
  • Human Behavior with respect to Finances
  • Wills, Power of Attorney and Living Wills



Concepts that replace income or benefits due to loss as a result of:

  • Bodily injury or Sickness
  • Healthcare
  • Dental and Preventative care
  • Accidental Death
  • Activities to Daily Living
  • Disability Tax Credit
  • CPP Disability Plan


Products such as:

  • Disability Insurance
  • Critical Illness Insurance
  • Group Health Dental Benefits
  • Long Term Care Insurance
  • Individual Health and Dental Insurance
  • Travel Insurance
  • Health and Welfare Trusts
  • Employee Health Trusts
  • Personal Health Spending Accounts


Concepts or Products that protect Businesses, such as:

  • Business Overhead Insurance
  • Business Loan Protection Disability Insurance
  • Buy/Sell Agreements
  • Disability Buyout
  • Loss of Key Employee
  • Share Holder Agreements


Once you purchase your subscription you can begin taking your courses immediately! If you are a brand new subscriber we will send login instructions so you can get started right away. A Life/A&S Insurance CE Subscription with ILScorp gives you 6 months of unlimited access to the entire course catalog. Take as many courses as you like!


And remember if you need any assistance during your course work, we are here to support you 5 days a week, 8:30am – 4:30pm PST.


Save time and money but completing your Life Insurance continuing education requirements entirely online.

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