The Ontario Broker - Volume 23, Issue 3 - 8

INDUSTRY & MARKETS
Existing and Emerging Issues
Across the Nation
Colin Simpson, CEO, IBAO
from our industry will both broaden and deepen in scope. Indeed,
one development from this trend is insurance company contract
wordings and the need for companies to audit and evaluate the
responsibilities that their regulators are demanding. Whether you're
a supporter of regulation or not, the next few years will certainly see
further expansion of regulators' areas of focus in the name of treating
consumers fairly.
Our Collective Path Forward
A
8
s I write this article, many areas in Canada as well
as Europe and around the world are dealing with
natural disasters, from extensive flooding to unseen
average temperatures to an unprecedented number
of wildfires. The continuing trajectory in frequency
and severity of environmental events will continue
to impact us all as a national industry, both professionally and
personally. Your associations will continue to support you in the
evolving environment within which your businesses must evolve.
Other than environmental challenges, the other major force
impacting us all nationally is, of course, the economy. No one in
Canada right now is immune to the challenges of finding good quality
people and with the increased cost in living-housing in particular-
we'll all be having similar discussions with our respective provincial
and federal politicians. With the upward pressure within the economy
and the scarcity of qualified and experienced staff, the challenges of
running a quality brokerage will surely continue to increase.
As the Canadian Regulators respond to market trends, it's
expected the recent focus on the treatment that consumers receive
As your industry Association, we take these trends into account
when considering our strategic options and direction. The lines that
were once quite distinct between provincial and national issues are
becoming blurred. Great work has been done in the past few years
from a national perspective in regard to Federal advocacy, technology
and working with the national regulator consortiums. All of these
efforts demonstrate how effective, even challenging at times, working
on a single national vision can be.
IBAO continues to take a leading role in a number of national
initiatives, and others in our collective group continue to drive
issues forward aligned with their own circumstances, skill sets
and specialties to all of our collective benefit. IBABC continues to
be challenged with environmental and market issues relating to
earthquake, something that also impacts us here in Ontario, and in
Quebec. RCCAQ has taken the lead on a national market analysis
on Cyber. IBAC continues to evolve its strategy to maintain the
protections that the Bank Act currently offers consumers. The one
common aspect in all of these activities is the focus on the end
impact that we have collectively as an industry on the consumer.
Together, We Can
As we look forward, we'll focus on consumer needs serviced by our
members, within the framework of an evolving regulatory regime,
and an environment that continually looks to become more hostile
to us all. We aim to provide timely and practical solutions to our
members that will respond, if not get ahead of our changing world.
One thing is for sure-our collective and collaborative approach
to many of these challenges will be key to ensuring that the broker
network across Canada continues to thrive and evolve along with the
landscape around us. There is power in standing together and our
collective efforts will serve the broker channel and consumers alike.
The Ontario Broker
The Ontario Broker - Volume 23, Issue 3

Table of Contents for the Digital Edition of The Ontario Broker - Volume 23, Issue 3
