Finance Committee on Feb. 22nd, 2017

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

Yes. Thank you, Mr. Chair.

I tried to get this to the clerk earlier. Unfortunately, just due to the nature of it, I'm going to ask for members' patience. We have a number of slots, two specifically, that have been opened up, which are the 22nd and the 20th, I believe. Pardon me; it's March 20 and March 22. Sorry.

One of the motions would be:

That on March 20, 2017 the Standing Committee on Finance study the Department of Finance report "Update of Long-Term Economic and Fiscal Projections" and report its findings back to the House of Commons.

Again, because there would be some involvement in terms of inviting guests, and to make use of that time, I would hope we would be able to expedite this motion.

The second motion is:

That on March 22, 2017 the Standing Committee on Finance conduct a hearing to study the potential impacts of proposed changes by the Canadian Securities Administrators to Best Interest Standard, Banning Embedded Compensation and Targeted Reforms on Financial Advisors, including on consumers, and report its findings back to the House of Commons.

Mr. Chair, the financial advisers have grave concerns about some regulations that are coming up and their impact on Canadians' ability to access quality financial advice, which will have an impact on their ability to save money for a house or invest money for their long-term prosperity.

Both of these, I think, are timely. Both of them I think would just involve one day of study. From speaking to a few people in my area, particularly on the financial adviser side, I know there are some great concerns with these regulations, and I think an airing of it here at this committee would allow the issues to come out and the public to know a little bit more about the issues at stake, particularly their impact on consumers.

[The Chair, Liberal, Wayne Easter]

We'll have to deal with them one at a time, Dan, if we could.

The first motion on the floor is the proposal to hold a hearing on March 20 on the update of the long-term economic and fiscal projections.

Is there any discussion on that? I see none.

All those in favour of holding that hearing on March 20th?

[Ron Liepert, Conservative, Calgary Signal Hill, AB]

I would like a recorded vote.

[The Chair, Liberal, Wayne Easter]

A recorded vote has been asked for, Madam Clerk.

(Motion negatived: nays 5; yeas 4)

The motion is lost.

Now the motion is before you to, on March 22, “conduct a hearing to study the potential impacts of proposed changes by the Canadian Securities Administrators to Best Interest Standard, Banning Embedded Compensation and Targeted Reforms on Financial Advisors, including on consumers, and report its findings back to the House of Commons.”

Dan, do you want to add further?

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

Yes, I would just ask members to consider this is a very important issue not only for the general Canadian public but for people who work in financial advice right across the country. This would be a great way for us to bring the issue forward.

The motion is neutral. It just says there's an issue happening that may affect consumers' ability to access quality financial advice and that we should give that a fair hearing.

[The Chair, Liberal, Wayne Easter]

The other one was easy enough in terms of witnesses, but who would you be suggesting for witnesses on this motion?

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

There are groups like Advocis that would probably want to come in. Probably, as it is something that's being pushed forward by the Canadian Securities Administrators, it might be good to hear from them as well, and perhaps there are finance department officials who would like to give their opinions on what these regulations mean.

Obviously we've seen a lot of good work in the last few years in the area of financial literacy. As well, the government talks about the importance of pensions and long-term security for Canadians, and a big part of that is financial advice.

[The Chair, Liberal, Wayne Easter]

Is there any further discussion on this motion?

Do you want a recorded vote?

[Ron Liepert, Conservative, Calgary Signal Hill, AB]

We would like a recorded vote.

[The Chair, Liberal, Wayne Easter]

We will have a recorded vote, Madam Clerk.

(Motion negatived: nays 5; yeas 4)

The motion is lost.

All right, we need a minute to go in camera to give the analysts direction on the housing study. I will ask people who are not assistants to committee members or people who are supposed to be here to leave the room, and we'll go in camera. This should only take 10 minutes.

[Proceedings continue in camera]