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Launch of the AMF's Trust must be earned! guide


On October 11 in Montreal, the task force chaired by the AMF presented the new guide, Trust must be earned!, and a sample power of attorney, which is a straightforward and user-friendly tool to help consumers better understand the scope of a power of attorney.

The task force, which was created at the request of the Minister of Finance, focused on three primary issues: legislation and standards pertaining to wealth management and banking powers of attorney, the ability of professionals to disclose cases of abuse and the management of trust accounts and accounts held in trust.

Alain Dugal, CA, Ordre Vice-Chair, presented the findings of the working group that addressed the ability of professionals to disclose cases of abuse. "The matter of professional secrecy raises a number of complex issues. The challenge is to achieve a proper balance between protecting the public and protecting guaranteed charter rights,” noted Mr. Dugal.

At the request of the task force, a committee of experts will conduct further research to determine practices in other jurisdictions and measures that could be taken to prevent abuse, while setting out guidelines for the possible opening of professional secrecy. The publication of the task force report is an important milestone that will be followed by a consultation of financial sector stakeholders, particularly with respect to the proposed sample power of attorney.

To consult the guide > 
To consult the simplified sample power of attorney (in French) >
To read the AMF's press release >

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